2020 CarlyleImpact Review - 20200623

2 0 2 0 I M PAC T R E V I E W
Inside the Impact Review
Building Letter from Kew & Glenn
Intro from Meg Starr
Better Impact Themes
Our Impact At Carlyle
Businesses GRI Disclosures

I N S I D E T H E I M PAC T R E V I E W
3 L E T T E R F ROM O U R CO - C E O s
Kewsong Lee and Glenn Youngkin
4 O U R A P P R OAC H T O I M PAC T
Meg Starr
14 T H E I M PAC T O F B E T T E R B U S I N E S S E S
Diverse Teams Engaged Employees Sustainable Growth
Drivers of Better Business COVID-19 Response Climate Resilience Stronger Communities
15 2 0 2 0 I M PAC T R E V I E W
Abacus Accelerate Accolade Wines Cardinal Renewables CommScope HireVue Jeanologia Inside the Impact Review
Case Studies Neptune Novolex PA Consulting Penha Longa PPD USRE Veritas Weiman
Letter from Kew & Glenn
72 O U R I M PAC T AT C A R LY L E Intro from Meg Starr
What We’re Doing Impact Themes

89 G R I D I S C LO S U R E S
GRI Disclosures
Global Reporting Initiative Disclosures GRI Disclosures

Letter from 2 0 2 0 I M PAC T R E V I E W
our Co-CEOs
Kewsong Lee & Glenn Youngkin
From due diligence through diverse and inclusive teams, engaged employees,
sustainable growth, climate resilience, and
exit, our impact approach at
strong community ties – for which we have clear
The Carlyle Group is rooted investment theses and specific case studies of
in building better businesses. value-creation in our investments. We have also
doubled down on integrating these factors into
our own practices as a corporation, highlighted
This year’s publication, renamed the Carlyle
within the “Our Impact at Carlyle” section per
2020 Impact Review, speaks to our expanded
theme. With our conversion to a C-corporation
focus on pushing this long-term strategy
at the beginning of this year, we have increased
forward. We believe that taking a comprehensive
the transparency and detail of our own corporate
approach to driving impact within businesses
ESG disclosures through our first Global
leads to better investment results and more
Reporting Initiative (GRI) and Sustainability
sustainable returns for our investors and
Accounting Standards Board (SASB) disclosures
shareholders.
on pages 89-112.
While we’ve been at this for over a decade, never

We believe that by building better businesses
has the importance of this work been more
across our full $217B portfolio we can generate
clear than in our response to COVID-19. Our
more resilient economic returns alongside
platform has mobilized rapidly and effectively to Letter from Kew & Glenn
significantly greater impact. Simply put, at
help our portfolio companies and communities
Carlyle, impact isn’t a product; it’s a process –
navigate the rapidly changing global situation on
the process of building better businesses. We Intro from Meg Starr
pages 6-14. This work remains grounded in our
have much work yet to do, but we are clear
long history of ESG integration, as we believe
about where we are headed, and appreciate the
that strong ESG competencies are hallmarks of
partners who have helped us push forward on Impact Themes
management excellence. This commitment is
this journey.
critical for investment performance, particularly
in moments of dislocation and exogenous shocks,
as experienced during the COVID-19 crisis or Our Impact At Carlyle
climate-related extreme weather events.
The 2020 Impact Review focuses on the core

GRI Disclosures
of our impact investing approach, the five key
facets we believe drive better businesses – Kewsong Lee Glenn Youngkin
Co - Chief Co - Chief
E xe c u t ive Off ice r E xe c u t ive Offi ce r
*AUM as of 3/31/20
O U R A P P ROAC H
T O I M PAC T
Throughout its history, Carlyle has worked to be at the
vanguard of ESG integration. We codified our Guidelines for 2 0 2 0 I M PAC T R E V I E W
Responsible Investment in 2008, published the first private

equity sustainability report in 2010, hired our first dedicated
ESG professional in 2014, and have since expanded the ESG
team globally. In 2018, we hired our first Chief Inclusion and
Diversity Officer and became the earliest major private equity
firm to go carbon neutral (page 85). In 2019, we sought to propel
our work even further, and decided to leave the lexicon aside
and return to our core: at Carlyle, our impact is grounded in
building better businesses.
BY Inside the Impact Review
Meg Starr The 2020 Impact Review focuses on two

main approaches of our impact strategy:
Building off our core work of ESG
integration, we believe our focus on the Letter from Kew & Glenn
below three priorities will allow us to
Global Head of Impact address the most pressing issues as we
1 Investments in which Carlyle – through
continue to push forward: Intro from Meg Starr
expertise, resources, capital, and time –
partnered with management teams to drive
measurable change on material ESG issues, Collecting better data – for specific ends: Impact Themes
such as our work driving sustainable growth
with Weiman (page 39); and While we track bespoke ESG key performance
indicators (KPIs) for certain investments (e.g.
2 Investments with a growth thesis predicated
Carlyle Europe Partners is in its fourth year
on an impact macro-theme, such as our
collecting company-specific material ESG KPIs), GRI Disclosures
investment in Cardinal Renewable Energy
we have expanded this approach to track broad-
(page 46), capitalizing on the opportunities of
based KPIs that are relevant across diverse
the global energy transition
geographies and assets. Both approaches play
different but increasingly vital roles in our
investment process. Tailored company-specific
data helps identify risks and opportunities,
O U R A P P ROAC H create value-creation plans, and measure progress Innovating on the impact of private capital:
over time, while cross-portfolio information helps us
T O I M PAC T As we push forward, we are committed to creatively
understand and manage systemic risks and perform
designing new approaches to driving impact, from 2 0 2 0 I M PAC T R E V I E W
comprehensive research on value creation drivers.
strategic resourcing to novel financial structures. We
Notably, we recently identified the correlation
highlight examples in this Impact Review, including
between board diversity and annual earnings growth
Jeanologia’s ESG-linked term loan (page 33), and
across our portfolio companies, highlighted in the
Carlyle’s significant commitment to identifying
Impact Report.
investment opportunities in emerging impact
growth markets, as seen through the Renewable and
Sustainable Energy platform launched in 2019.
Setting and achieving ambitious goals
for systemically important issues:
Our impact as a firm is grounded in collaboration
We continue to work with individual portfolio
across our Carlyle community. We look forward
companies – through diligence, the investment
to expanding this work and engaging our external
period, and exit – to drive value on material ESG
partners to continuously improve the strategy,
issues. We also recognize the need for systematic
application, and tools that drive value and have the
and strategic action across our global portfolio. We
maximum impact to build better businesses together.
believe mobilizing the unique tools of private capital
across our full $217B portfolio creates scalable
impact, while ensuring companies are well-positioned
to navigate emerging challenges. To that end, knowing
empirically from our data that portfolio companies
with diverse boards perform better, we have set
ambitious goals on board diversity across some of our
largest investments (page 84). We continually evolve Meg Starr
our approach of balancing company-specific work
BY with broad-based portfolio-wide action to address Global Head of Impact Inside the Impact Review
Meg Starr
our companies’ most pressing challenges.
Global Head of Impact
Impact Themes
GRI Disclosures
COV I D - 1 9
OUR RESPONSE
COV I D - 1 9
Our Response
Impact Themes
GRI Disclosures
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COV I D - 1 9
Our Response
ARIZONA: Walbro – CJP II – CALIFORNIA: One Medical – CP VII –

Carlyle companies Global provider of engine Operator of membership-based
combating COVID-19 management and fuel systems primary care practices
Walbro is using its engineering and manufacturing One Medical is providing critical front-line
Carlyle’s capital, network and capacity to develop ventilators and equipment to healthcare services across the United States.
resources have empowered our protect healthcare providers during the intubation During the early days of the pandemic, the
portfolio companies to deploy of patients. Company created virtual COVID-19 screening
innovative products, services services and physical drive-up testing sites across
and initiatives to directly its key geographies. One Medical also made its
combat the spread of COVID-19, services available across the U.S. on a virtual-
enable business continuity and BRAZIL: Rede D’Or Sao Luiz – CP VI/CSABF – only basis, significantly expanding access to
support their communities. Largest private hospital chain in Brazil critical primary care services for patients. Most
recently, One Medical developed comprehensive
This is a selection of initiatives Rede D’Or Sao Luiz is providing care for COVID-19 clinical protocols and technology solutions for its
we are proud to support across patients in its hospitals and is working with state employer clients to implement “Return to Work”
the globe. governments to expand capacity for the public strategies, which include screening, testing, and
health system. Rede D’Or is helping the Brazilian counseling services. Inside the Impact Review
government build and manage temporary field
hospitals to treat the increasing number of
COVID-19 patients. The Company is also donating
ventilators and medical supplies to the Brazilian CALIFORNIA: Veritas – CP VI –
public healthcare system. Data management and storage Intro from Meg Starr
Veritas is helping assure the continued,

unimpeded global flow of information and
Impact Themes
transactions during the crisis and offering
its clients pro-active protection against Our Impact At Carlyle
the spike in opportunistic ransomware and
cybersecurity attacks.
GRI Disclosures
7
COV I D - 1 9
Our Response
CHINA: Adicon – CAP V – CHINA: Luolai – CAP V –

Carlyle companies Large independent clinical laboratory company Chinese home textile company
combating COVID-19
Adicon is conducting COVID-19 polymerise chain Luolai upgraded and built production lines to
reaction (PCR) and antibody testing, contributing its manufacture protective masks for its employees and
Carlyle’s capital, network and
efforts in the fight against the COVID-19 pandemic. customers. After making these adjustments, the total
resources have empowered our
Twenty of its diagnostic laboratories received production volume increased from 8,000 pieces per
portfolio companies to deploy
approvals to perform COVID-19 testing and have day to 40,000 pieces per day. The Company also
innovative products, services
been operating since the early days of the pandemic. donated RMB 1 million to the Hubei Charity Federation
and initiatives to directly
and 37,000 protective masks to frontline medical staff.
combat the spread of COVID-19,
enable business continuity and
support their communities. CHINA: JD Logistics – CAP IV –
Leading integrated warehouse CHINA: McDonald’s China – CAP IV –
This is a selection of initiatives and delivery player in China
we are proud to support across Quick service restaurant chain operator in China
the globe. JD Logistics transported over 30,000 tons of
McDonald’s China together with its partners,
medical supplies (over 70 million items) to Wuhan Inside the Impact Review
franchisees and suppliers, provided nearly 2,000
City. During the early days of the pandemic, the
safety goggles and 200,000 medical masks to
Company provided free delivery for all donated
local hospitals in Wuhan. Through more than 1,400 Letter from Kew & Glenn
items to Wuhan, including medicine, masks and
McDelivery hubs nationwide, McDonald’s China also
protection gear, prioritized its orders designated
donated RMB 1 million and over 110,000 free, hot
for medical institutions, and opened a dedicated Intro from Meg Starr
meals to local medical staff and the Chinese Center
channel for relief materials across the country to
for Disease Control and Prevention.
assist Wuhan. In response to the Hubei government’s
call for prevention and control, JD Logistics used its Impact Themes
advanced supply chain technology and experience
to build a supply chain management platform, which
helped manage emergency supplies and ensure their
delivery to the front line medical staff in Hubei.
GRI Disclosures
8
COV I D - 1 9
Our Response
CHINA: OneSmart Education – CAP IV INDIA: Delhivery – CAP IV –

Carlyle companies K-12 tutoring company India’s third-party express delivery company
combating COVID-19
OneSmart Education partnered with Zhenwei Delhivery launched a COVID-19 interactive map to
Education Technology Special Fund, under the China provide the latest information on restricted localities
Next Generation Education Foundation, to donate in India amid the lockdown. This information is
online courses that enabled primary and secondary processed by its data team, synchronized with public
school students in Wuhan to continue their studies sources and updated on a daily basis. The firm also
during the challenging time. The Company also distributed masks and hand sanitizers, and supported
established the Medical Angel Hero Charity Fund to local authorities in distributing essentials such as food,
support front-line medical professionals and their across different parts of India, including Telangana,
children as they battled the coronavirus outbreak West Bengal, Assam, Odisha, Haryana and Chennai.
support their communities.
in China. Additionally, the Company partnered with
Shanghai Women’s Federation, Shanghai Health
This is a selection of initiatives
Commission and Shanghai Children’s Fund to donate
we are proud to support across
online classes to children of medical staff in Shanghai,
the globe.
and to children of the Shanghai medical team who
traveled to Hubei. In addition, OneSmart and Weiyi Inside the Impact Review
Group, China’s leading eHealth company, built a
free online diagnosis platform, with 15,000 doctors Letter from Kew & Glenn
offering free consultations for teachers and students
in a 3-minute response window.
Impact Themes
GERMANY: Atotech – CP VI/CAP IV/CEP IV –
Specialty chemicals and equipment
Atotech adjusted their chemical manufacturing
processes to produce hand sanitizer which it has
GRI Disclosures
donated to hospitals in Germany and Slovenia.
9
COV I D - 1 9
Our Response
INDIA: SBI Life Insurance – CAP IV ITALY: IRCA – CEP IV –

Carlyle companies India’s largest private sector life insurance company Italian producer of artisanal pastry,
combating COVID-19 ice-cream and baking products
SBI Life Insurance launched the ‘WE CAN, WE
WILL!’ initiative. In coordination with local health IRCA has donated €100,000 to a hospital near its
Carlyle’s capital, network and headquarters in Gallarate (Lombardy region), Italy as
departments, SBI Life provided grocery kits to many
resources have empowered our well as raising a further €700,000. The funds will be
marginalized families, especially those with pregnant
portfolio companies to deploy used for PPE, ventilators and intensive care beds.
women and young children, during the lockdown. The
company’s employees also volunteered to contribute
one day of leave, with the company donating an
equivalent amount of the employee salary to support
enable business continuity and JAPAN: TOKIWA – CJP III –
the COVID-19 relief efforts, in addition to other
donations of medical supplies - personal protective A global cosmetics company engaging
equipment (PPE) kits, face masks, hand gloves and in the research, development and
This is a selection of initiatives manufacturing of cosmetic products
hand sanitizers - for the frontline healthcare workers.
Furthermore, SBI Life launched the ‘protect those who TOKIWA has used its manufacturing facilities in the
the globe.
protect us’ social media initiative, providing a platform U.S. to produce hand sanitizers, responding to the
where individuals can send words of encouragement
request from Middlesex County Regional Chamber of
to the frontline healthcare workers, with messages Commerce (MCRCC), a premier business organization
delivered along with PPE kits. As part of this effort, the located in the Middlesex county region, New Jersey. Letter from Kew & Glenn
company released the ‘WE CAN, WE WILL!’ anthem in They also donated approximately 6,000 protective
nine different languages to invigorate the nation to masks to hospitals and police departments in the U.S.
fight against COVID-19. Intro from Meg Starr
Impact Themes
JAPAN: WingArc1st – CJP III –
IRELAND: AA Ireland Limited – CCI/CGFSP II – Provider of Enterprise Output Management
Insurance (including motoring) provider and Business Intelligence software Our Impact At Carlyle
AA Ireland Limited has granted free motor rescue WingArc1st used its MotionBoard analytical
GRI Disclosures
to all health workers and vulnerable people for application to create a COVID-19 map, utilizing
the duration of the pandemic. The Company is also open data to provide an update on the latest
foregoing all charges for hotel inspection and grading COVID-19 situation in Japan.
during the crisis to support the hospitality industry,
which has been particularly impacted.
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COV I D - 1 9
Our Response
NEW JERSEY: Ortho Clinical Diagnostics – CP VI – NORTH CAROLINA CommScope – CP VII –

Carlyle companies Global provider of in vitro diagnostics Global provider of infrastructure
combating COVID-19 solutions for broadband networks
Ortho Clinical Diagnostics released two antibody tests
for COVID-19. Both tests have received FDA Emergency CommScope donated over $900,000 of wireless
Carlyle’s capital, network and routers and access points to support wireless
Use Authorization (EUA). Ortho’s tests are accurate and
resources have empowered our systems in new hospitals, pop-up centers for
production is highly scalable. Ortho’s tests both have
portfolio companies to deploy emergency healthcare delivery, and school districts
100% specificity, which represents the highest possible
innovative products, services for virtual learning. Additionally, the Company’s
specificity. Ortho has begun shipping its antibody tests
and initiatives to directly 3D laser printers are being used to create much-
to hospitals and labs. Antibody tests provide critical
combat the spread of COVID-19, needed face shields for healthcare workers. The
information on potential immunity status (including
enable business continuity and global Commscope team has also donated safety
for healthcare workers and other essential employees)
support their communities. glasses and masks to local healthcare facilities.
and will help guide return to work planning for the
broader population.
the globe. NORTH CAROLINA: PPD – CP VI –
NEW JERSEY: Thomas Scientific – CEOF II – Global contract research organization Inside the Impact Review
Provider of equipment and supplies
to the science community PPD has played a meaningful role in the
development of COVID-19 related vaccines and
Thomas Scientific has worked to get PPE to front line treatments with 39 program awards to date. The
healthcare workers, first responders and at-risk workers. Company expects its role to continue to grow Intro from Meg Starr
Carlyle also worked with Thomas Scientific directly to as sponsors launch new programs and ongoing
support logistics to ensure 4 million testing swabs got to programs move into later stage trials. The current
the US market in order to build coronavirus test kits and slate includes a number of the most promising Impact Themes
to secure 16 million viral transport media tubes in direct current candidates on both the treatment &
support of FEMA. vaccine sides of therapy development. Our Impact At Carlyle
GRI Disclosures
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COV I D - 1 9
Our Response
NORTH CAROLINA: PPD – CP VI – PNB Housing Finance – CAP IV –

Carlyle companies Global contract research organization A housing finance company in India
combating COVID-19
PPD has played a meaningful role in the PNB Housing Finance has signed an agreement
development of COVID-19 related vaccines and with IIT-Delhi, one of the premier institutes in
treatments with 39 program awards to date. The India, to support research and development
Company expects its role to continue to grow of a distinctive prototype material that will
as sponsors launch new programs and ongoing be used in manufacturing sustainable PPE
programs move into later stage trials. The current including surgical gowns and masks. The PPE
slate includes a number of the most promising kits will be supplied to government hospitals.
current candidates on both the treatment &
vaccine sides of therapy development.
PORTUGAL: Logoplaste – CEP IV –
we are proud to support across Global packaging container manufacturer
OHIO: Claritas – CEOF II
the globe.
Market research company Logoplaste has produced and donated bottles
for hand sanitizer which are being distributed to Inside the Impact Review
Claritas immediately responded to a Twitter request policemen, firefighters and bus drivers as well as
from the White House requesting data companies pharmacies and health facilities nationwide. Letter from Kew & Glenn
to help with the COVID-19 crisis. Claritas donated
current 2020 demographic data and critical
healthcare facility data to MIT’s COVID-19 Policy Intro from Meg Starr
Alliance (www.covidalliance.com). Its predictive SPAIN: CEPSA – CEP V/CIEP/CIEP II/CP VII –
models, partially powered by Claritas data, are Spanish multi-national oil and gas company
Impact Themes
now being used by multiple government entities to
identify the locations of the most vulnerable in our CEPSA has been utilizing its petrochemical facilities
society and to manage hospital load balancing. in Spain to produce certain raw materials used in the Our Impact At Carlyle
production of pharmaceutical, medical, hygiene and
high-tech products. Its production lines are helping
to meet the increased global demand for items such GRI Disclosures
as PPE, detergents and ventilators. The Company is
also donating household supplies to 18,000 families in
Spain at risk of social exclusion due to COVID-19.
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COV I D - 1 9
Our Response
SPAIN: Cordorníu – CEP IV – SOUTH CAROLINA: Novolex – CP VI –

Carlyle companies The oldest winery in Spain Manufacturer of plastic and paper
combating COVID-19 packaging products
Cordorníu has donated the use of its facilities and
equipment to manufacture hand sanitizer, repurpose Novolex donated significant quantities of both paper
Carlyle’s capital, network and and plastic packaging bags to community organizations
protective equipment and support city governments
resources have empowered our such as food banks as well as plastic sheeting that
with public space sanitation.
portfolio companies to deploy could be cut into visors to make face shields. Novolex
innovative products, services has retooled six of its manufacturing facilities in
and initiatives to directly North America to produce PPE – both visors and fully
SPAIN: CUPA – CEP IV – assembled face shields as well as isolation gowns - for
enable business continuity and first responders and other front line workers.
Manufacturer of roof tiles
CUPA donated 2,400 protective masks to two local

hospitals, Cruz Roja (NGO) and one nursing home.
we are proud to support across TENNESSEE: Sedgwick – CPVII/CGFSP III –
the globe.
Global provider of technology-enabled claims
and productivity management solutions Inside the Impact Review
SPAIN: Jeanologia – CEP V –
Sedgwick has been a valuable partner to businesses
Manufacturer of industrial laser Letter from Kew & Glenn
machinery for the textile industry during the pandemic, helping administer and manage
COVID-19 medical leaves, workers’ compensation claims,
Jeanologia has repurposed its ozone-based and business interruption claims, as well as facilitating Intro from Meg Starr
G2 technology, which it uses for the sustainable the cleaning and disinfection of affected buildings.
treatment of jeans, into an innovative method for During the COVID-19 pandemic, Sedgwick expanded
sanitizing face protection masks, and has disinfected its clinical services to provide continuous support Impact Themes
over 200,000. Furthermore, the company recently to employees with health concerns through 24/7
launched an environmentally friendly cleaning telephonic nurse triage services. Sedgwick is working
technology for manufacturers, distribution centers collaboratively with employers to design return to work
and retailers that is certified to eliminate COVID-19 programs as they look to resume operations safely.
from textiles, apparel, work wear and footwear in a GRI Disclosures
fast and safe way.
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COV I D - 1 9
Our Response
UGANDA: ABACUS HEALTHCARE – CSSAF – UK: Akari Care – CSP IV –

Carlyle companies Distributor and manufacturer of Provider of care homes across the UK
combating COVID-19 pharmaceutical products in Eastern Africa
Akari Care has been performing the essential task of
Working closely with the Ugandan Ministry caring for the most vulnerable population throughout
Carlyle’s capital, network and of Health, Abacus donated 15,000 units of the COVID-19 crisis. Recognizing many of its care
resources have empowered our IV fluids, 100,000 doses of paracetamol and workers were dealing with direct and indirect effects
portfolio companies to deploy 5,000 pairs of examination gloves to support of COVID-19, either personally or within their families,
innovative products, services COVID-19 relief efforts. Furthermore, the the CSP team: i) sourced emergency PPE supplies to
and initiatives to directly company donated food and essential drugs to enable nursing staff to continue to provide care in a
combat the spread of COVID-19, assist vulnerable families and market vendors safe manner, and ii) established the Akari Care Home
enable business continuity and near its Ugandan manufacturing facility. These Support Fund for those care workers most affected
support their communities. donations included 5,000 kgs of maize flour, by the crisis. Within one week, Carlyle’s London
1,000 kgs of beans, hand sanitizers, 3,000 pairs employees had donated over $30,000. These funds
This is a selection of initiatives of gloves, 2,000 facemasks, and tents. are being allocated towards essential food deliveries
to the families of care workers most in need.
the globe.
UK: PA Consulting – CEP IV – Letter from Kew & Glenn

Innovation and transformation consultancy UTAH: HireVue – CP VII –
Disruptive video interviewing technology provider
PA Consulting is coordinating a multi-company
taskforce producing ventilators in the UK to help the HireVue is supporting Fortune 500 companies
NHS meet heightened healthcare requirements due to continue to recruit candidates during the Impact Themes
to the COVID-19 pandemic. The Company has been pandemic across a wide variety of entry level
providing technology, sourcing, engineering, healthcare and experienced roles. Its support of companies
and project management expertise as part of the who rely on university recruiting is helping to Our Impact At Carlyle
government’s Ventilator Challenge program. PA is minimize the impact to graduate job seekers.
working with some of the UK’s leading technology Additionally, HireVue is offering free on-demand GRI Disclosures
and engineering firms alongside smaller specialist services to hospitals across the nation until this
manufacturers to rapidly build and dispatch the much crisis has passed.
needed ventilators.
14
2 0 2 0 I M PAC T T H E M E
Diverse “Teams with diverse perspectives, knowledge bases,

interests and cultural identities are key to our edge.
Such teams can examine ideas from every angle to
Teams
generate competitive business insights and make better
decisions. We are on a journey to create a culture that
Impact Themes
seeks out diversity and fosters inclusion at Carlyle — and
in the companies we touch — because it is the right thing
to do and it is the smart thing to do. Diverse teams ask Our Impact At Carlyle
C A S E S T U D I E S F E AT U R E D
better questions and inclusive teams find better answers.”
HireVue GRI Disclosures
PPD
– Kewsong Lee & Glenn Youngkin, Co-Chief Executive Officers
15
Sector: Technology Region: United States Lead Fund: CP VII (Carlyle Partners VII) Acquisition Date: 10/1/2019 2 0 2 0 I M PAC T R E V I E W
DIVERSE TEAMS
HireVue
Ca se St u d y
Impact Themes
GRI Disclosures
16
DIVERSE TEAMS
Case Study
HireVue 2 0 2 0 I M PAC T R E V I E W
Diversity is a central priority for many

companies – however, businesses
frequently struggle to find ways to expand
their hiring pipeline, find more diverse
candidates, and reduce unconscious bias
in hiring decisions. HireVue’s core business
model helps solve these challenges.

In October 2019, Carlyle Partners VII
partnered with HireVue, a tech company
which provides virtual interviewing Letter from Kew & Glenn
and assessment technologies to help
companies find the most qualified and
diverse candidates more quickly.
Impact Themes
GRI Disclosures
17
DIVERSE TEAMS
Case Study
HireVue 2 0 2 0 I M PAC T R E V I E W
• And finally, HireVue reduces unconscious One of HireVue’s 700+ customers is Unilever,
bias: HireVue’s technology seeks to eliminate a large, global consumer-packaged goods
unreliable and inconsistent variables, such company, which achieved 50/50 gender
as which university or college was attended balance across its global management team in
or grade-point average, neither of which has 2020. In their first year as a HireVue customer,
been proven to be predictive of job success. Unilever increased the diversity of its hires
by 16%, while also saving more than a million
• Candidate assessments aren’t impacted by British sterling pounds a year and reducing
conscious and unconscious human biases time spent recruiting by more than 75%.
that can have an adverse impact on even the
most highly qualified candidates based on Diversity and inclusion has become a business
factors such as race, age, or gender. Each priority across industries, which in turn has
candidate is evaluated in precisely the same created a compelling new growth market for a
way based solely on job-specific competencies. business such as HireVue, which is distinctively
The technology provides unbiased and highly positioned to address this challenge effectively,
predictive information that human recruiters leading to a better – and more diverse –
then use to make hiring decisions. hiring process.
The effectiveness of the technology is core

to HireVue’s value proposition, which has Inside the Impact Review
several distinctive components: The results have been clear: more than
one third of companies in the Fortune Letter from Kew & Glenn
• HireVue’s tech platform helps companies cast 100 use HireVue, and companies with
a wider net: instead of only sending recruiters a Chief Diversity Officer are 4x more
to top tier universities for example, HireVue likely to purchase the technology. Intro from Meg Starr
customers can screen video interviews from
a wider array of potential applicants – their
As of June 2020, HireVue has conducted Impact Themes
customers see up to 2x more candidates
more than 15M interviews in 30 languages
because they’re not limited by geography or
across 180 countries and is experiencing
scheduling issues. Our Impact At Carlyle
exponential growth, in no small part because
they reduce the cost per hire by almost 25%
• HireVue creates a more consistent process: on average, for their customers.
traditional screening practices, such as GRI Disclosures
resume scans, are inconsistent. Structuring
the interview process from the start brings
consistency and fairness resulting in better,
more inclusive hiring.
18
Sector: Technology Region: United States Lead Fund: CP VII (Carlyle Partners VII) Acquisition Date: 10/1/2019 2 0 2 0 I M PAC T R E V I E W
DIVERSE TEAMS
PPD
Ca se St u d y
Impact Themes
GRI Disclosures
19
DIVERSE TEAMS
Case Study
PPD 2 0 2 0 I M PAC T R E V I E W
Diversity is core to PPD’s business

model and success – PPD, Inc.
(Nasdaq:PPD), is a Carlyle portfolio
company profiled in last year’s report
for its innovative work accelerating
patient enrollment and the use of
digital/virtual trials to increase patient
access, retention and engagement in
vital medical research. Inside the Impact Review
Impact Themes
GRI Disclosures
20
DIVERSE TEAMS
Case Study
PPD 2 0 2 0 I M PAC T R E V I E W
Critical thinking around diversity and inclusion “Transitioning veterans bring readily identifiable
has also given PPD an edge in recruiting and transferrable skills, traits, qualities and an
and retaining top talent for key roles in the ethos to win that perfectly fits with our focus on
company. In fact, Forbes named PPD to the talent, culture and defining principles,” says David
magazine’s 2019 list of America’s Best Employers Simmons, PPD’s chairman and chief executive
for Diversity. One role remained tricky to fill, officer. “This program is a win-win in our view.
however: Clinical research associates (CRAs) For our veterans, it provides a potential pathway
are healthcare professionals who help organize, for a successful and seamless transition into new,
monitor and administer clinical trials; they important and fulfilling professional careers.. For
are critical to the pharmaceutical and biotech PPD, it affords us access to a pool of extremely
industry, ensuring safety and integrity in clinical talented, well-trained professionals to help us
research. Given steep industry competition, execute on our mission to improve health.”
CRAs are also a notoriously hard role to recruit
for and fill, however.
After attending the Carlyle-sponsored Veterans

Initiative Summit in 2015, PPD leaders saw an
opportunity to create a non-traditional talent
Not only are PPD’s innovations designed pipeline to help fill their CRA ranks by developing PPD has hired 10 veterans into
to reduce the time it takes for patients an apprenticeship program to enable healthcare- the apprenticeship in 2019 and Inside the Impact Review
to be enrolled in a clinical trial, they trained military service members (such as medics, looks to double this in 2020
also remove geographic barriers and hospital corpsmen and others) to transition to
high-quality civilian careers at PPD, while helping Letter from Kew & Glenn
constraints associated with the process,
to address one of the business’s most critical
enabling a wider array of patients to
hiring needs.
participate in clinical trials – more Intro from Meg Starr
diverse trial populations help ensure In the spring of 2017, PPD launched a first-of-its
that critical medical therapies work for kind apprenticeship program in conjunction with
more people. Impact Themes
the departments of labor in North Carolina, Texas
and California, later expanding to Pennsylvania.
The apprenticeship is an accelerated 12-month Our Impact At Carlyle
training program that provides a seamless
transition for healthcare-trained military
members into the CRA role, with the goal of GRI Disclosures
becoming long-term employees and eventual
clinical leaders at PPD. PPD hired 10 veterans into
the apprenticeship in 2019 and looks to double
that total in 2020.
21
Engaged One of the top priorities for the CEOs of our portfolio
companies is people – and building the best team
possible. It’s no wonder. Ensuring employees are healthy,
Employees engaged, productive and have the right skills for their
job are essential components to business success.
Investing in people can pay dividends – both for
Impact Themes
financial returns, and for the well-being of the 900k+
individuals employed across our portfolio companies. Our Impact At Carlyle
GRI Disclosures
Veritas
22
Sector: Technology Region: United States Lead Fund: CP VI (Carlyle Partners VI) Acquisition Date: 1/29/2016 2 0 2 0 I M PAC T R E V I E W
E N GAG E D E M P LOY E E S
Veritas
Ca se St u d y
Impact Themes
GRI Disclosures
23
Case Study
Veritas 2 0 2 0 I M PAC T R E V I E W
The health and wellbeing of employees

are vital to a company’s business
performance. A healthier workforce helps
a company’s most critical resources – its
human capital – thrive.
Veritas Technologies LLC, an

international data management company
headquartered in Santa Clara, CA, has Inside the Impact Review
made the health of their employees a Letter from Kew & Glenn
core focus. Better healthcare seems as Intro from Meg Starr

though it has higher costs – Veritas, Impact Themes
however, focused on improving healthcare
outcomes for its workers, which ultimately Our Impact At Carlyle
drove cost savings for the firm and better GRI Disclosures
employee experiences.
24
Case Study
Veritas 2 0 2 0 I M PAC T R E V I E W
Employee engagement is crucial to the

The Veritas care concierges are success of the program – which has in turn
compassionate, knowledgeable led to significant results. Veritas has seen
healthcare advocates that guide higher than average annual physicals—which
employees and their families to high are linked to early disease detection; lower
quality and cost-effective providers than average specialty drug spend; greater
and facilities. than average usage of pricing transparency
tools; and high ongoing engagement with the
The Veritas care concierges are compassionate, care concierge along a healthcare journey.
knowledgeable healthcare advocates that guide
employees and their families to high quality and This differentiated approach to healthcare
cost-effective providers and facilities. coverage has not only improved the ability
of Veritas’ workforce to make educated and
Rob Wheeler, who leads Carlyle’s Healthy informed decisions about their healthcare
Benefits Initiative on Carlyle’s Global Investment needs, it also positively affected its bottom
Resources team, notes, “When an employee or line — per employee healthcare costs
family member at a Carlyle portfolio company went down 25 percent from 2016 to 2018
experiences a life-changing diagnosis, they face while health and well-being outcomes have
a complex, opaque, expensive system during improved.
an incredibly stressful time. Our focus is on
working with our portfolio companies to make “At Veritas, we care about the moments that Inside the Impact Review
clinical resources and compassionate support mean the most to our employees. Aligning
available to their employees to help take care of the right resources for our benefit program
Early on, Veritas consulted with Carlyle’s is crucial to our employee experience and Letter from Kew & Glenn
them when they need support the most. Doing
Global Investment Resources team to this has been a win-win, improving healthcare culture of savvy consumerism. Having a
supportive partner help our employees and
transition their healthcare approach from outcomes for employees, while reducing costs Intro from Meg Starr
for companies and employees alike.” their families navigate the complexity of
a traditional carrier arrangement to a the healthcare system at a time when they
care concierge model in order to drive are most vulnerable is paramount to the
better health outcomes more effectively Impact Themes
success of our program,” says Veritas Senior
and efficiently for their employees. Verita’s Healthcare Cost Per Employee Vice President and Chief Human Resources
Officer Sophie Ames. Our Impact At Carlyle
It’s easy to assume that better healthcare is
just more expensive. By focusing on providing GRI Disclosures
more effective, more comprehensive,
and more accessible healthcare to their
employees, Veritas focused on driving better
health outcomes for their people, which in
the end, was better for their employees, and
better for business.
25
Q&A
Q&A
You Build the Team &

the Team Builds the Business Inside the Impact Review
WITH: M O D E R AT E D BY:
Impact Themes
Chris Smith & Mindy Mackenzie Meg Starr Our Impact At Carlyle
CEO of Ortho Clinical Diagnostics Chief Performance Officer, The Carlyle Group Global Head of Impact, The Carlyle Group
GRI Disclosures
26
Q&A
A fireside chat with Chris Smith, CEO of

Ortho Clinical Diagnostics, and Mindy
Mackenzie, Chief Performance Officer, The
Carlyle Group, moderated by Meg Starr,
Global Head of Impact, The Carlyle Group
Chris leads Ortho Clinical Diagnostics, a leading

global provider of in vitro diagnostics, and a
Carlyle portfolio company.
As Chief Performance Officer of Carlyle’s

global corporate private equity portfolio
companies, Mindy’s mission is to help accelerate
performance – whether by presenting at
You Build the company leadership conferences to bring

another lens into how individuals can unlock
Team & the their performance and impact, or by partnering Letter from Kew & Glenn
with CEOs on other strategic talent and
Team Builds organizational issues. Intro from Meg Starr
the Business
Chris and Mindy have worked collaboratively Impact Themes
to maximize organizational, operational and
leadership effectiveness at Ortho. The following Our Impact At Carlyle
conversation offers an inside look at these
efforts along with rich perspective on what it GRI Disclosures
takes to drive a high performance culture within
an organization.
27
Q&A HR can sometimes be bucketed as a How do you build a strong culture,
MEG MEG 2 0 2 0 I M PAC T R E V I E W
functional part of a business model – particularly in an organization
how do you think about people and as large and as global as Ortho,
culture as part of your business strategy? which has operations in over 130
different countries?
CHRIS At the end of the day a leader builds a team,

and then the team builds a business – so it all CHRIS I can’t do it alone, but I can do it with my
starts with people. One of the first things we leadership team. We have a G-100, or our
did at Ortho was change the nomenclature top 100 leaders globally. Getting this group
from “HR” to “People and Culture” because if to agree on four things – mission, culture,
you start with people and culture, then the strategy and execution – is key, then it is
business flows from there. I have been lucky to all about high levels of communication and
have a fantastic partnership with our Head transparency. When people understand
of People and Culture, Gary Passman. You where the organization is going and why,
need a great partner because as CEO you’re then it becomes a brick on brick process.
making tough decisions all the time when it We have to celebrate wins, be transparent
comes to people, and you need a person to on challenges, and have the mindset of
be transparent and honest with you. “there’s no bad idea.”
M I N DY There is a term in the market called a

“golden triangle,” which I think is spot on.
You Build the Well-run, well-performing companies which
work for all stakeholders have a really
Team & the strong CEO, CFO, and human capital leader
working together. Those three enterprise-
Team Builds wide leaders form the cornerstone of the

company, which you then build the team Intro from Meg Starr
the Business around. The CFO and human capital
lead are the independent advisors that
are looking company-wide and serve as Impact Themes
counselors to the CEO. Together that strong
‘golden triangle’ leads to better results, Our Impact At Carlyle
because they bring three distinct lenses on
company performance – and the alchemy of
that combination is really powerful. GRI Disclosures
28
CHRIS I totally agree that little things start to add
Q&A If you put all of these approaches in place up into big things. As mentioned earlier
MEG 2 0 2 0 I M PAC T R E V I E W
so that employees feel empowered – they transparency and communications are
know where the organization is going and key. So walk the manufacturing floor or
why – how have you seen CEOs effectively the office hallways, every week, talk to the
think about engaging employees in the team – it won’t take that long to say hello
mission of organizations, as opposed to to everyone – and call people teammates
feeling like they’re just clocking in and out? or colleagues not employees. Instead of
asking people to raise their hands at the
end our town halls if they have a question
M I N DY Companies underestimate how important
(this was early on and pre-COVID), we put
two-way communication is – it’s not enough to
an index card and pen at every seat and
have CEOs transmitting messages one-way out
ask people to write down their questions
to employees through emails and town halls
and put it in a basket. In front of the
and power points. How are you listening in real
whole group read the questions and start
time? We live in a society where people are
answering them – no matter how hard
instantaneously providing feedback in every
they are. After doing that two or three
area of their life, but then they get to work
times people start to have a sense that
and no one is asking their opinion or taking
there is transparency. Sharing information
input, certainly not in real time so that they
on financial performance is key for
can metabolize that input and influence the
employees to understand how and where
decisions of the company. There need to be
they contribute to the company’s growth,
listening mechanisms so that there is an ethos
and how the company is performing.
of “you spoke, we listened – even if we don’t
You Build the agree.” Another point is that mission alone isn’t
enough without educating your organization
Team & the on the financials. It is critical to teach your team

members how to ‘follow the dollar’ so that Letter from Kew & Glenn
Team Builds they understand how a dollar of revenue flows

through the organization, and their function
the Business specifically. It’s leadership’s responsibility
to educate so that team members can
understand the context they operate in and Impact Themes
understand that they can make a difference.
Then they can get excited about the corporate
mission and excited about delivering profitable
growth. That is the magic – leadership has to
bring folks along on the total journey. GRI Disclosures
29
Q&A Chris, what has Mindy taught you that How should investors think about
MEG MEG 2 0 2 0 I M PAC T R E V I E W
has been most surprising? human capital as an asset in its
own right?
CHRIS Earlier this year we had our annual
leadership meeting, which was focused on M I N DY As Chris said, if you get the right team in
the future strategy of the company and key place, they deliver the business for you.
initiatives as well as financial results and Your people deliver the financial value.
some pretty intense topics – and we asked There is a maturation curve that private
Mindy to attend to present on leadership. equity is on to understand that valuing
Mindy’s whole talk was about if you’re not and engaging the human asset is equally
a complete person then you can’t do your important as how you manage the financial
role, and you can’t lead people. You have assets of the business. It’s the combination
to balance and center yourself. It helped of those two things that yields results. If you
us realize that if you’re not doing all of the over-index to one or the other, you end up
intangibles, you’re not going to get to the with subpar performance. Private equity is
tangibles. She spoke to our G-100, our top catching up on that.
100 leaders across the globe, who each then
took the skills Mindy taught them back to When I interviewed Chris for the role of
their direct reports. As a result, you quickly CEO at Ortho, what struck me was that his
had hundreds of people around the globe whole philosophy was about the people,
practicing these approaches. Some of the the culture, and the environment he sets
simple suggestions were so powerful, for up to drive performance in a business.
You Build the example try asking the people who report
to you how they view your relationship on
There is no perfect CEO – it’s about having
a philosophy that can fit the puzzle pieces
Team & the a 1-10 scale on a regular basis. You’d be

surprised how much information comes from
together to deliver performance for
shareholders and for team members. Letter from Kew & Glenn
Team Builds that question.

the Business Some of our team mates had the perception
that private equity doesn’t care about the
people in the organization, which can create Impact Themes
an “us against them” mentality. Mindy’s whole
presentation was about the person, the
human being. Having a senior executive at
a global investment firm advocating those
concepts makes a real impact. Our team GRI Disclosures
knows that we have to deliver financially,
but in order to do that we have to get the
human side of the business right, To me, that
concept is very different from the typical
perceptions of private equity.
30
M I N DY Chris you dug for the knowledge, elevated
Q&A Chris, Ortho has been on the front lines the person with the expertise, and
MEG 2 0 2 0 I M PAC T R E V I E W
of the COVID-19 crisis. How has this highlighted and celebrated that person’s
crisis affected how your leadership team contributions – that is how you walk your
shows up for your people? talk around people, culture, and results. I
love it!
CHRIS We are an 80-year-old company that has

a long history of leadership in infectious CHRIS You build the team, and the team builds
disease. We saw the impact COVID-19 was the business. If you get that right, in an
having on our revenues in China quite early, underserved market with the ability to grow,
so we were working hard to understand how then the people will lead you there.
it would affect our business. I had hired a
new Chief Innovation Officer three to four
weeks before the virus hit the US significantly,
and he had been walking the halls talking to
our researchers, some of whom have been
with Ortho for decades. Paul Contestable,
one of our principle researchers who has
been with Ortho for 35 years, was the
person to identify that he thought Ortho
could develop an antibody test. From that
moment, it took 19 days until we submitted
a test to the FDA. We believe it’s the most
You Build the accurate test on the market – it is the

only test with 100% specificity and 100%
Team & the sensitivity – and Paul is the one presenting

our work and progress to our Board in a few Letter from Kew & Glenn
Team Builds weeks. Developing the test mobilized the

entire organization for this higher purpose, Intro from Meg Starr
the Business put wind in our sails and help enhance the
organization’s confidence in the business
going forward It’s challenging because we Impact Themes
have to execute, but it’s humbling for us to be
a part of the solution, and part of getting
the world back to work.
GRI Disclosures
31
Sustainable ESG is no longer a buzz word, it’s a board room topic.

Companies that perform well on ESG issues which are
material for their business financially outperform
Growth
companies that don’t prioritize these issues, or that
prioritize immaterial ESG issues. While sustainable
Impact Themes
growth looks different for each company, one thing
remains the same — management teams that integrate
ESG factors with rigor and nuance build businesses that Our Impact At Carlyle
create more sustainable long-term value.
Jeanologia GRI Disclosures
Novolex
Weiman
CommScope
32
Sector: Industrial Region: Europe Lead Fund: CEP V (Carlyle Europe Partners V) Acquisition Date: 12/20/2018 2 0 2 0 I M PAC T R E V I E W
S U S TA I N A B L E G R O W T H
Jeanologia
Ca se St u d y
Impact Themes
GRI Disclosures
33
Case Study
Jeanologia 2 0 2 0 I M PAC T R E V I E W
We track ESG data so that we can make

better investment decisions and build better,
more sustainable businesses. Carlyle Europe
Partners is in its fourth year of tracking
material, bespoke ESG key performance
indicators (KPIs) across its portfolio
companies, which has led to even more use
cases than we originally envisioned.
Last year we profiled one of those companies,

Jeanologia, a Valencia, Spain-based portfolio company Letter from Kew & Glenn
at the forefront of sustainable and eco-efficient
technologies for manufacturing denim, which focuses Intro from Meg Starr
on significantly reducing the amount of water and
chemical usage in finishing processes. Jeanologia tracks Impact Themes
a series of material ESG KPIs that range from energy
management to employee health and safety. Our Impact At Carlyle
GRI Disclosures
34
Case Study
Jeanologia 2 0 2 0 I M PAC T R E V I E W
environmental footprint of fashion choices, and

demands brands and retailers produce clothes “We have demonstrated our
that reflect this concern – this approach has
always been part of Jeanologia’s mission.” conviction in Jeanologia’s
Jeanologia’s ESG data also played a critical role sustainable business model
in its financing. In December of 2019 Jeanologia
completed an ESG-linked term loan, thought
by taking one particular KPI
to be the first European sponsored transaction
with pricing on the funded debt liked directly
- annual water saving - and
to specific ESG criteria – in this case, annual directly linking it to the cost
water savings. The margin Jeanologia pays on
the debt decreases if it meets its annual water of third party debt financing
savings targets, while pricing increases if the
target is missed by 15% or more.
for the transaction.”
“We have demonstrated our conviction in
Jeanologia’s sustainable business model by
taking one particular KPI - annual water
saving - and directly linking it to the cost of
third party debt financing for the transaction”
Critically, Jeanologia tracks said Sam Lukaitis, Director of Carlyle’s Global
water reduction from using their Capital Markets team. “In doing so, we are Letter from Kew & Glenn
technologies for denim finishing. delighted to have structured one of the very
first green financings for the European
This metric is material to the business, because leverage finance market.” Intro from Meg Starr
it drives costs savings and business efficiencies,
on top of the environmental benefits. Jeanologia’s ESG data continues to evolve – and so
technologies are used to create roughly 15% of the do its use cases. By focusing on material, Impact Themes
6 billion jeans produced each year. This resulted in performance-based ESG KPIs, Jeanologia
saving roughly 10.7 million cubic meters of water demonstrates how sustainability can drive a
in 2019. This data has also been critical from a financial edge, on top of environmental benefits.
revenue perspective, as consumer preferences
increasingly favor sustainably-produced goods and
services. As Carlos Robles, a Director on the Carlyle
GRI Disclosures
Europe Partners team part of the CEP advisory
team notes, “today’s consumer is focused on the
35
Sector: Industrial Region: United States Lead Fund: CP VI (Carlyle Partners VI) Acquisition Date: 12/29/2016 2 0 2 0 I M PAC T R E V I E W
Novolex
Ca se St u d y
Impact Themes
GRI Disclosures
36
Case Study
Novolex 2 0 2 0 I M PAC T R E V I E W
As the world shifts towards reducing

excess packaging and single-use
plastic, skeptics might see an industry
with headwinds – however traditional
packaging companies are instead seeing
new significant business opportunities in
responding to this demand.
Innovations in raw materials, design and effective. Novolex, a packaging company Letter from Kew & Glenn
manufacturing practices can reduce that Carlyle acquired in 2017, has made a
environmental footprints, while also concerted push to reduce waste and use Intro from Meg Starr
ensuring that needed products – such as technologies to create new products that
safe and hygienic food storage options, meet the evolving sustainability goals of its
Impact Themes
vital medical equipment, and indispensable customers and markets.
trash can liners – remain accessible and
GRI Disclosures
37
Case Study
Novolex 2 0 2 0 I M PAC T R E V I E W
Eco-Products®, a Novolex brand, uses a portfolio

never occurs until the user takes it. This hygienic
of compostable foodservice ware to support
system also reduces waste in foodservice settings,
“zero waste” strategies with foodservice and other
providing an alternative to packets that contain
large venue customers that want to incorporate
forks, knives, and spoons.
both recycling and composting into their waste
diversion efforts. When compostable cutlery and
Additionally, Novolex has focused on new means
can liners are used in conjunction with compostable
of incorporating more recycled content into both
plates, bowls, and cups, customers can put all of
its paper and plastic products and is expanding
the packaging, as well as their uneaten food, into
its portfolio of compostable products that utilize
a compost bin to be diverted from the landfill.
renewable inputs, including compostable cutlery for
For customers without access to a commercial
the Cutlerease® system.
composter, compostable utensils, can liners, and
other food service ware still offer the benefits of
Even the humble trash can liner can be reimagined
being made with a renewable resource.
for a sustainable future. Under the BioTuf® brand,
Novolex incorporates PLA, a bio-based resin.
Looking into the future, Novolex intends to continue
Investments in trash can liner technology don’t stop
making its products and manufacturing more
there. Focusing R&D around one of its polyethylene
sustainable, so that those who need packaging can
(PE) products, Eco Blend® Max, Novolex now
do so with the lowest-footprint possible.
offers can liners with 50 percent post-consumer
recycled content. Novolex has a long history of Inside the Impact Review
incorporating recycled content into both fiber-
and-resin-based products to reduce raw material
One such innovation is the Cutlerease® Novolex Now Offers Can Liners with 50 Letter from Kew & Glenn
carbon footprint. This application, combined with
dispensing system, which releases Percent Post-consumer Recycled Content
the fact that PE already has one of the lowest
one piece of plastic cutlery at a time - carbon footprints for film products, creates a
handle first - without creating contact Intro from Meg Starr
remarkably low-impact can liner.
with a tray, box or drawer.
Impact Themes
One such innovation is the Cutlerease® dispensing
system, which releases one piece of plastic cutlery
at a time - handle first - without creating contact
with a tray, box or drawer. In fact, cutlery used in
Cutlerease® is designed to be inserted without staff GRI Disclosures
touching the cutlery – so human contact with cutlery
38
Sector: Consumer & Retail Region: United States Lead Fund: CEOF II (Carlyle Equity Opportunity Partners II) Acquisition Date: 3/26/2019 2 0 2 0 I M PAC T R E V I E W
Weiman
Ca se St u d y
Impact Themes
GRI Disclosures
39
Case Study
Weiman 2 0 2 0 I M PAC T R E V I E W
In early 2019, when our deal team

was looking into an investment in
Weiman, they saw a strong operation
and a leader in all manner of specialty
cleaning products for the home.
Our ESG team identified the key growth area

for the company: a more-intentional focus on
sustainable and safe-to-use products, in response
to evolving consumer demand. The investment Inside the Impact Review
team agreed, and put a sustainability expert with
a background in chemical engineering on the Letter from Kew & Glenn
Company’s Board of Directors from the outset.
Impact Themes
GRI Disclosures
40
Case Study
Weiman 2 0 2 0 I M PAC T R E V I E W
Carlyle ESG Team + Weiman Key Goals & Stats:
As of April 2020 Weiman succeeded in having four

products certified “EPA Safer Choice,” as well as
all nine products sold at Target, a major customer,
awarded the “Target Clean” icon. By October 2020
the goal is to have a total of 30 products “EPA Safer
Choice” certified. On the packaging front, 31% of the Finally, Weiman continues to reduce
consumer business SKUs to date have been approved its manufacturing footprint in order
for integrating How2Recycle icons on packaging to to position itself as the supplier of
ensure consumers easily understand how to recycle choice for its customers.
each products’ packaging, and Weiman is on track
for 100% of consumer SKUs to reflect How2Recycle the Green Chemistry and Commerce Council, and
icons by the end of 2020. keeps looking for new, greener product lines to Inside the Impact Review
develop in-house or acquire.
The second objective was to add other greener
Just 6 months into ownership, the alternatives to Weiman’s offerings through Weiman has redesigned tank sequencing to Letter from Kew & Glenn
Board approved a new sustainability acquisition and internal innovation. In 2019, reduce water use, installed LED light bulbs in
strategy to drive product stewardship, Weiman’s Urnex brand introduced BioCaf, a new their Gurnee, IL facility, and consolidated factories
reduce the manufacturing footprint, line of greener cleaning products for commercial to reduce transportation-related emissions. The Intro from Meg Starr
support employees, and advance coffee machines that are natural, biodegradable, Carlyle ESG team, having developed expertise in
community engagement. and contain no phosphates. Within that first year our prior ownership of Vogue, helped Weiman
of ownership, Weiman also identified, diligenced, improve its score on the Walmart Sustainability Impact Themes
A focus on product stewardship led to getting and purchased Bio-Kleen, a line of products Scorecard, in part by helping Weiman carbon
Weiman’s product lines certified for their that use enzymes to clean, as opposed to harsh footprint its supply chain. The results were
environmental attributes. Early conversations with solvents, avoiding Volatile Organic Compound immediate and significant: Weiman’s score went up
our ESG team, third party experts on programs (VOC) emissions and other toxicity issues. In 2020 by 24% point in our first year of working together
such as EPA’s Safer Choice, and Weiman’s own Weiman closed on its purchase of Green Gobbler; on the Scorecard, and crossed a key threshold – GRI Disclosures
R&D team on major toxicity standards, such as the a company bringing green, vinegar based products now sitting above the average of other suppliers.
EU REACH and customer lists, led to changes in to historically harsh chemical categories like drain
ingredients, as well as greater disclosure. clog opening and weed killer. While Weiman had Sustainability isn’t a side show for Weiman – it
zero sales from green products in March 2019, by is substantive. By innovating to create greener
March 2020, through a combination of acquisitions specialty cleaners, Weiman has capitalized on a
and reformulations, 27% of the company’s sales were large and growing market. Sustainable products
41 from green products. Additionally, Weiman joined have in turn led to sustainable growth.
Sector: Technology Region: United States Lead Fund: CP VI (Carlyle Partners VI) Acquisition Date: 4/4/2019 2 0 2 0 I M PAC T R E V I E W
CommScope
Ca se St u d y
Impact Themes
GRI Disclosures
42
Case Study
CommScope 2 0 2 0 I M PAC T R E V I E W
Across the globe, CommScope’s

people and solutions are redefining
network connectivity, solving today’s
challenges and driving the innovation
that will meet the needs of what’s next
– increasingly that has meant focusing
on the environmental and social
dimensions of CommScope’s business.
Consumer preferences are changing, Inside the Impact Review
environmental regulation is ratcheting Letter from Kew & Glenn
up, and workforce engagement is Intro from Meg Starr

increasingly critical to keeping a Impact Themes
competitive edge.
GRI Disclosures
43
Case Study
CommScope 2 0 2 0 I M PAC T R E V I E W
2019 was a transformational CommScope’s work builds on its existing sustainability areas of focus, including:
year for CommScope.
Environment People and Communities
Its acquisition of ARRIS, a leader in
CommScope is decreasing the CommScope has focused on strengthening
entertainment and communications
environmental impact of its operations its engagement with employees and their
solutions, brought together a distinctive set
and use of its products globally to stay communities in order to attract and retain
of complementary portfolios and capabilities,
ahead of environmental regulation and top talent, and build a strong, differentiated
and brought The Carlyle Group back into
changing consumer preferences: company culture. For example, over 2,400
an ownership position at CommScope. 2019
CommScope employees take part in its uLEAD
also provided CommScope with the perfect
learning program, which helps employees
opportunity to review its corporate responsibility • CommScope is reducing energy use in its Set-Top
develop their skill sets and further their careers.
and sustainability strategy and refresh this Boxes (STB) and Small Network Equipment (SNE)
CommScope also has built a robust volunteering
strategy to reflect the new, larger business. products well-ahead of global energy efficiency
voluntary agreements adopted by industry leaders.
program, building strong connectivity with the
communities in which it works. CommScope
Critically, this new sustainability strategy was In 2019, 98% of applicable product shipments
people took part in the company’s annual Earth
grounded in a materiality assessment, designed complied with the relevant US, Canadian or EU
Day activities around the world; annual United
with support from Carlyle’s ESG team. This STB or SNE energy efficiency voluntary agreement
Way campaign in the US; donation drives for
assessment allowed CommScope to quantify the – exceeding the 90% target.
crises like the Australian wildfires; food, blood
importance of a range of relevant ESG topics,
and school supply drives; and numerous local Inside the Impact Review
in terms of their significance to CommScope’s • The CommScope Home Networks team has fundraising events.
business success, as well as their importance to eliminated single-use plastics in all new set-top
its stakeholders. The output of the assessment products outside of the Americas and is advocating Letter from Kew & Glenn
The results have been evident: CommScope
will guide CommScope’s programs in 2020 and with its customers for their cooperation in achieved a gold level rating for corporate social
beyond as it puts in place a new structure to lead agreeing to remove single use plastics globally. Its responsibility from EcoVadis for the fourth
corporate responsibility and sustainability. Venue and Campus Networks team is also working Intro from Meg Starr
consecutive year, which ranks CommScope in
to eliminate single-use plastics from packaging for the top 5% of suppliers assessed by EcoVadis
all RUCKUS-branded products. in all categories. CommScope also earned a Impact Themes
2019: spot on Newsweek’s 2020 list of America’s Most
• In 2019, across its global facilities operations, the Responsible Companies.
company cut greenhouse gas emissions by nearly Our Impact At Carlyle
3%, water withdrawal by 2.5%, and diverted 83% of Innovation and advancement are vital to
non-hazardous waste from landfill. CommScope’s business model – characteristics
that imbue their approach to sustainability. By GRI Disclosures
assessing ESG risks and opportunities through
a tailored materiality assessment, CommScope
has built an ESG approach that enhances its
business edge.
44
Climate Climate change is one of the most pressing issues of our

time, creating unprecedented risks and opportunities
for businesses across all industries. Companies that can
Resilience
navigate these emerging challenges — from physical risks
to policy shifts and technological disruptions — and seize
Impact Themes
the mounting opportunities of the energy transition,
we expect will have the climate resilience to thrive in a
changing world. Our Impact At Carlyle
Cardinal Renewables GRI Disclosures

Neptune Energy
Accolade Wines
US Real Estate
45
Sector: Renewable Energy Region: United States Business Segment: RSEF (Renewable and Sustainable Energy Fund) Acquisition Date: 1/24/2020 2 0 2 0 I M PAC T R E V I E W
C L I M AT E R E S I L I E N C E
Cardinal Renewables
Ca se St u d y
Impact Themes
GRI Disclosures
46
Case Study
Cardinal Renewables 2 0 2 0 I M PAC T R E V I E W
Electricity generation is one

of the largest sources of global
greenhouse gas emissions,
accounting for approximately 28%
of U.S. emissions alone – almost
two-thirds of our electricity
comes from burning fossil fuels.1
As renewable energy costs continue to fall,
regulations tighten, and the energy transition Letter from Kew & Glenn
accelerates, however, there is a large and
growing investment opportunity in building Intro from Meg Starr
the renewable energy capacity required to
power a lower-carbon US electricity grid.
Impact Themes
GRI Disclosures
1 EPA, Sources of Greenhouse Gas Emissions, 2018.
47
Case Study
Cardinal Renewables 2 0 2 0 I M PAC T R E V I E W
Carlyle leverages its extensive experience across

US power markets and project lifecycles (from
In 2019 Carlyle’s Renewable and “Cardinal Renewables’ core investment
development through operations), and seeks
Sustainable Energy Platform led a strategy – to develop and sell solar
to create significant value by providing capital
$100 million commitment to partner power generation assets in the US structure expertise and strategic guidance to
with Alchemy Renewable Energy on a – is an important component of the accelerate development project growth.
newly-established company, Cardinal critical global energy transition,” says
Renewables, to develop, acquire, J. B. Oldenburg, a Principal with the Lacie Clark, CEO of Alchemy, notes that
finance and operate solar power Renewable and Sustainable Energy team. “Partnering with Carlyle’s best in class
generation projects throughout the Renewable and Sustainable Energy team opens
United States – including a dozen distinctive opportunities to drive forward
operating assets and a pipeline of As part of its investment process, the Carlyle the energy transition. Our combined deep
development projects. Renewables team models out the total potential market expertise and Carlyle’s long-standing
carbon emissions abatement capacity of each relationships with corporations and utilities
project to better understand the potential climate will be instrumental in enhancing project, and
impact of the investment. The planned portfolio economic, value creation.”
of Cardinal Renewables projects, for example,
Renewable energy presents an interesting Inside the Impact Review
could help to offset greenhouse gas emissions
Cardinal Renewables Portfolio equivalent to removing nearly 100,000 passenger opportunity where a successful financial
Greenhouse Gas Emissions cars from the road annually. outcome is convergent with a successful climate
outcome: the more renewable energy projects
Potential Abatement Capacity
Founded in 2016, Alchemy has an innovative successfully developed and put into commercial
approach to development and tax equity operation, the more megawatt hours of clean Intro from Meg Starr
placement for renewable power generation energy generated for the grid, and the more
projects, leveraging the expertise and network GHG emissions avoided from potentially more
of its parent company, Monarch Private Capital, carbon-intensive alternative energy sources. Impact Themes
which has facilitated investments in projects Cardinal Renewables works at the intersection
generating $3 billion tax credits since 2005. of investment returns and climate impact to
drive lasting value across both dimensions. Our Impact At Carlyle
GRI Disclosures
48
Sector: Energy Region: Europe Lead Fund: CIEP (Carlyle International Energy Partners) Acquisition Date: 2/15/2018 2 0 2 0 I M PAC T R E V I E W
Neptune Energy
Ca se St u d y
Impact Themes
GRI Disclosures
49
Case Study
Neptune Energy 2 0 2 0 I M PAC T R E V I E W
The world is undergoing a

massive energy transition
Societal expectations about how To meet these growing energy needs
energy is produced and used are while also reducing emissions, entities
changing rapidly, and governments across the energy sector – from
around the world are increasingly established oil and gas companies to
taking action to meet their climate renewable energy businesses – are
goals under the Paris Agreement. rethinking the way in which they find
With a global population set to grow and produce energy. This energy
to more than nine billion by 2050*, transition is a core part of Carlyle’s Inside the Impact Review
however, the world continues to need International Energy Partners (CIEP)
more energy than ever. investment thesis. In February 2018,
CIEP invested in Neptune Energy,
one of the world’s largest private
independent international exploration
& production companies with
production of 144,000 barrels of oil Impact Themes
equivalent (boe) per day in FY2019.
GRI Disclosures
* The United Nations, 2019
50
Case Study
Neptune Energy 2 0 2 0 I M PAC T R E V I E W
• Participating in a pilot project to establish

Neptune’s carbon intensity is one of the world’s first offshore green hydrogen
the lowest in the industry – Neptune production plant:
emitted 5.8kg of carbon dioxide
(CO2) per boe in 2019, well below the • The Q13-a platform in the Dutch North
industry average of 18kg CO2/boe. Sea will house a megawatt electrolyser that
Neptune is committed to play a full will produce green hydrogen using excess
offshore wind power by 2021. The hydrogen
role in a lower-carbon future by:
will then be transported via pipeline to a
nearby platform, where it will be used to
• Targeting a carbon intensity of 6.0kg CO2/ produce electricity.
boe by 2030 from its managed production.
• Maintaining the low methane intensity

of managed production through
Neptune was carved out from comprehensive leak detection and repair Neptune is also identifying, assessing
the French utility ENGIE, and program using infrared cameras. Neptune and managing climate-related
since its initial investment, is targeting net zero methane emissions
risks through its enterprise risk
by 2030.
management system.
CIEP has added three material bolt-on Inside the Impact Review
acquisitions in core hubs in the North Sea • Powering the Gjøa field in Norway using
and Southeast Asia since 2018. Neptune hydroelectricity delivered via a submarine To prepare for future carbon regulation,
supported an estimated $2.8 billion gross cable from the mainland. This saves around Neptune will be incorporating an internal Letter from Kew & Glenn
value-added contribution to the GDP of 200,000 tonnes of CO2 every year. carbon price into risk assessments and
Germany, the Netherlands, Norway and the investment decisions to ensure that it
• Innovating on carbon capture and storage Intro from Meg Starr
UK in 2019 – as well as 11,500 jobs. continues to be aligned with the low carbon
(CCS) technologies: energy transition. As the world needs more
Gas has a vital role to play in the energy – and cleaner – power, Neptune’s depth of Impact Themes
transition, increasingly replacing coal as • At the K12b platform in the energy experience and breadth of innovation
a lower-carbon power generation fuel, Netherlands, Neptune participated in a have positioned it well to be a leading provider.
providing baseload and back-up power to 15-year program to reinject CO2 from Our Impact At Carlyle
complement the variability of renewables, a producing well into a producing gas
and as a source of energy that is accessible, field. This reduced the project’s lifetime
transportable, and affordable. Neptune’s CO2 emissions by approximately GRI Disclosures
energy mix is currently 72% gas and 28% 100,000 tonnes.
oil, positioning it well as it continues to look
towards a lower-carbon future. • Neptune’s partner-operated Snøhvit
field in Norway captures and reinjects
CO2 back into the aquifer, storing up to
700,000 tonnes of CO2 each year.
51
Sector: Consumer & Retail Region: Asia Pacific Lead Fund: CAP IV (Carlyle Asia Partners IV) Acquisition Date: 5/31/2018 2 0 2 0 I M PAC T R E V I E W
Accolade Wines
Ca se St u d y
Impact Themes
GRI Disclosures
52
Case Study
Accolade Wines 2 0 2 0 I M PAC T R E V I E W
To paraphrase an old saying, if you show

me a well-managed sustainability program,
I’ll show you a well-managed company.
Accolade Wines is very much both: their UK Accolade’s state-of-the-art bottling facility in
business won not only the coveted Manufacturer Bristol, UK, Accolade Park, is a clear example
of the Year in 2018, but also the Sustainable of their focus on climate. In 2019, Accolade
Manufacturing category from the Manufacturer installed a 2.5 megawatt wind turbine on-site,
MX Awards in 2018 & 2019. a first for a tenant in the UK, which provides
approximately 50% of the facility’s electricity
Accolade is acutely aware of the impact climate consumption. Having made that progress on
change can have on their crops, and hence their clean energy sourcing, the team decided to
core business. So Accolade has gone after the go all-in and work toward becoming a net-
issue of climate with strategy and focus. They zero carbon facility. In the 12 months to March
have honed in specifically on understanding and 2020, Accolade calculated that the facility was Inside the Impact Review
reducing their own potential contributions to directly responsible for emitting 1,873 tonnes of
carbon emissions – managing sustainability and carbon dioxide equivalent (CO2e), for a carbon
their core business in tandem. intensity of 120gCO2e per 9 liters (the equivalent Letter from Kew & Glenn
of a case) of wine produced, which was a 44%
reduction in CO2e emissions from the prior year.
Accolade Wines Reduction in Accolade then called upon Carlyle’s internal
CO2e Between 2019 and 2020 carbon foot-printing and offsetting expertise to Impact Themes
dive deeper into renewable energy procurement
and fuel sourcing, technical details related to the
carbon footprint and verification, and the type Our Impact At Carlyle
of offsets to choose in order for the facility to be
certified as carbon neutral by The Carbon Trust.
Accolade anticipates receiving The Carbon Trust GRI Disclosures
report in July 2020, which will allow finalization
of the plan to make its UK bottling and
warehousing site carbon neutral. Climate change
is a material issue for Accolade’s business, so
they’ve made it a core focus of their own work –
well-managed, indeed.
53
Sector: Real Estate Region: United States Lead Fund: CPI (Primary) CRP (Secondary) Acquisition Date: N/A 2 0 2 0 I M PAC T R E V I E W
US Real Estate
Ca se St u d y
Impact Themes
GRI Disclosures
54
Case Study
US Real Estate 2 0 2 0 I M PAC T R E V I E W
When it comes to real estate, efficient

use of energy and water isn’t just an
environmental concern – it has a direct link
to the bottom line. That’s why our US Real
Estate group approaches sustainability as an
operational issue, rather than a way to add
green window-dressing to their properties.
With internal operating expertise and a standing through to identify malfunctioning equipment,
sustainability committee, the US Real Estate group the use of occupancy sensors, installation of
has developed several approaches for adding daytime light sensors, and enabling sleep modes Inside the Impact Review
value to their properties and also improving on electronic equipment. Water usage practices
sustainability outcomes. For example, during the include regular checks for water leaks and providing
acquisition process, the US Real Estate teams information and training on water management to Letter from Kew & Glenn
undergo an energy assessment for applicable residents and staff.
assets to evaluate the return on investment
(ROI) of different energy interventions. The With a large portfolio and frequent acquisitions Intro from Meg Starr
assessment measures a building’s utility usage and dispositions, Carlyle tracks sustainability
and determines the optimized grouping of energy data that allows for internal benchmarking and
conservation measures to enhance the efficiency improvement. Either planned or installed within the Impact Themes
of the investment. These interventions can include existing portfolio, as of the end of 2019, a majority
implementation of LED lighting, installation of of buildings used LED lighting systems, over half
ENERGY STAR appliances, and adding insulation in used high-efficiency appliances (such as EnergyStar
key areas. The process also identifies opportunities certified), and a significant number had electric
to reduce water usage through installation of vehicle charging stations on-site. GRI Disclosures
water-efficient irrigation systems, water re-use
systems, and high-efficiency fixtures. In addition to Sustainability isn’t tangential – it’s a tool. US Real
capital improvements, operational best practices Estate focuses on sustainable property initiatives to
are standardized such as green transportation drive operational efficiencies and increase the brand
for residents and staff, conducting a regular walk- value and revenue from its assets – generating long
term, sustainable value.
55
Q&A
Q&A WITH
Pooja Goyal
Co - H ea d of Ca r l y l e’s
I n fra str u c tu re G ro u p Letter from Kew & Glenn
Impact Themes
GRI Disclosures
56
Pooja shares perspectives
Q&A
on the opportunities in the Q What role does private infrastructure play in
renewables? Are they driving its development
in the future?
renewable energy market:
A According to the International Energy Agency,
the energy transition is creating a $3-5 trillion
opportunity in renewable energy over the coming
decades. We believe the sector is at an inflection
point, and that private capital investment will be
key to progressing the transition. Private capital‘s
Q Who is the Renewable and Sustainable
Energy Team at Carlyle and what do you do?
long-term orientation and focus on active value
creation make it particularly suited to address
this shift.
A Renewable and Sustainable Energy at Carlyle is a

dedicated team addressing the energy transition
by investing globally in the renewable energy and
sustainable resources sector. We seek to invest
in scalable companies or development platforms
with proven track records and robust value
Q How are consumers interacting with the
renewable energy sector?
creation plans, primarily in developed countries.
A The reality is that data is empowering consumers
– like in so many other sectors – leading them to
WITH have control over their energy consumption and Inside the Impact Review
Q
costs. This is creating a massive opportunity. Real,
Pooja Goyal What trends are you seeing in the
renewable and sustainable energy market?
tangible data can have a significant impact on
addressing overall demand and reducing waste. Letter from Kew & Glenn
Where do the opportunities lie?
Co-Head of Carlyle’s In the next phase of the energy transition, better
Infrastructure Group data will empower customers at all layers in our Intro from Meg Starr
A We believe the energy transition offers a rich
and diverse environment where we can both
energy system.
find attractive opportunities and also respond Impact Themes

to the global call to action to tackle climate
change, one of the greatest challenges of the
21st century. Critically, this is an investment area
where we believe profitability and driving positive
environmental change aren’t at odds – they actually GRI Disclosures
are convergent with each other. We see several
sub-themes within the energy transition which
have interesting characteristics including batteries,
storage, distributed generation and micro grid.
57
Q&A
Q What shifts are you seeing across geographies
with regard to the renewable energy sector? Q What are the biggest changes you’re
seeing in this space?
A We’re seeing the United States set up ambitious

renewable energy targets at the state and
A People have been discussing the energy transition
for a long time now, and the main focus of the last 10
local level. There is also a strong climate years has been primarily renewables – specifically
and renewables agenda in Europe, with wind and solar. Wind and solar have been the
significant support from multiple stakeholders darlings of the energy transition story, and for good
– governments, investors, companies, and reason. But on their own, they don’t get us anywhere
the general public. Subsidy-free projects are near making a dent in tackling climate change. Energy
becoming economical across geographies, storage can mitigate one of renewable energy’s
but supportive policies are providing largest drawbacks: the inability of wind & solar
additional tailwinds. photovoltaics to deliver predictable levels of power
to the grid regardless of time of day or weather. The
rapid expansion of storage capacity and plummeting
cost of storage is expected to be a significant
Q
contributor to the long-term viability of renewable
How do you think about impact and ESG
themes in this strategy? energy. Batteries and storage are some of the unsung
heroes here – creating an investment opportunity
where there is a convergence of attractive returns,
A The team’s core investment thesis – driving
economic value creation through the development
alongside outsize impact given the critical role of
storage in unlocking the energy transition.
WITH of renewable and sustainable energy – is Inside the Impact Review
convergent with several core impact theses, which
Pooja Goyal we evaluate during our diligence process and
Q
track quantitatively over time. These themes map
to a number of the United Nation’s Sustainable
What new and exciting investment activities
Co-Head of Carlyle’s
have you seen in the field?
Infrastructure Group Development Goals, particularly those involving Intro from Meg Starr
affordable and clean energy, innovation and
infrastructure, responsible consumption, and
climate action. Importantly, just because the
A Relatedly, Electric Vehicles (EVs) are expected
to be cost competitive with internal combustion Impact Themes
strategy is focused on core impact themes, ESG engines in the next 5 years, which is an incredible
considerations aren’t any less relevant. Issues development. Investments made by the largest
such as community engagement, environmental car manufacturers in transitioning their fleets to
impact, and others are material dimensions electric vehicles are driving these efficiencies of
of how we evaluate and successfully manage scale. Given the pace at which EVs are reaching GRI Disclosures
potential investments. price parity, the big bottlenecks on EV adoption is
actually charging infrastructure. This is the other
unexpected winner. The charging infrastructure
is expected to lead to emerging business models
focused on efficiently pricing the usage of
58 the infrastructure.
Stronger Businesses play an integral role in our local communities,

and in turn, local communities are a vital stakeholder.
Better businesses focus on continually improving
Communities community relations, generating sustainable

economic development, creating quality employment
opportunities, responsibly managing their environmental
Impact Themes
footprint, and more. Businesses that create positive,
symbiotic relationships with the communities in which Our Impact At Carlyle
PA Consulting they work have a stronger license to operate and more

resilient long-term trajectory. GRI Disclosures
Penha Longa
Accelerate Learning
Abacus Pharmaceuticals
59
STRONGER COMMUNITIES
PA Consulting
Ca se St u d y
Impact Themes
GRI Disclosures
60
Case Study
PA Consulting 2 0 2 0 I M PAC T R E V I E W
Founded in 1943, PA Consulting

(“PA”) is a global innovation and
transformation consultancy with a
long and storied history of helping
companies find creative solutions to
major technological challenges.
Those same skills and experience have

enabled the company to add value Inside the Impact Review
to large-scale government and non-
governmental organizations aiming to Letter from Kew & Glenn
solve social challenges:

PA is a signatory to the UN Global Compact has also become a valuable line of business in
(UNGC), which named PA a specialist technical and of itself. PA’s strong global community ties
Impact Themes
advisor, and also plays a leading role in the Ellen have helped it develop specialized skillsets and
MacArthur Foundation’s circular economy work. expertise, which helps the company build new
When Carlyle European Partners invested in PA relationships with vital international partners. Our Impact At Carlyle
in 2015, they saw PA’s strength in applying their
core consulting skillset to social challenges as a
differentiator and asset – ultimately, this work GRI Disclosures
61
Case Study
PA Consulting 2 0 2 0 I M PAC T R E V I E W
As a part of the relationship, PA Consulting “PA’s vision, process and co-creation model made
also produced a series called “The Disruptive them the perfect partner,” said Campbell. “PA
Technology Executive Briefs” that spotlighted the immediately understood our vision to combine
best thinking in sustainable innovation, showcasing a for-profit enterprise with philanthropy, using
innovators across mainstream companies and advanced technology to empower local communities
next generation entrepreneurs. The Briefs with access to drinking water when and where they
feature analysis and resources designed to help need it.”
leaders understand the new business models and
technologies that will be crucial in achieving Today, PA is playing a critical role in the UK
the SDGs, such as unmanned air systems, the government’s response to the COVID-19 crisis,
internet of things (IoT), digital agriculture, artificial working with the leading technology and engineering
intelligence, gene editing, additive manufacturing, firms to rapidly build and dispatch life-saving
blockchain, and big data. ventilators (more on page 6 ). These initiatives,
amongst others, showcase to their broader customer
In addition to providing broad support for base what PA is capable of when putting their skills
developmental goals, PA Consulting has also helped toward solving large global challenges. It is also a
specific social innovations go from concept to perfect illustration of PA’s purpose which is all about
reality, such as Water Source, an Australian B-Corp driving for “a positive human future in a technology
start-up. Water Source CEO Mark Campbell driven world”. PA has developed a network of
wanted to provide a solution for water purification strong ties across the communities it works with –
to small rural communities in Australia’s outback, private enterprise, philanthropy, non-governmental
for whom traditional water infrastructure was far organizations and more – that in turn enrich the Inside the Impact Review
too large to suit their needs. PA provided expertise reach and power of its problem solving capabilities.
in digital, business intelligence, material science, As they say, “bringing ingenuity to life”. Letter from Kew & Glenn
industrial design and engineering, product and
The same year as Carlyle’s investment in system development and circular economy design.
The team’s diverse skills, combined with their Intro from Meg Starr
PA Consulting, the UN published the 17 Sustainability is increasingly seen as a key
subject-matter experts in the water industry,
Sustainable Development Goals (SDGs) helped to make Water Source’s vision a commercial area for growth by our clients. Gone are
that have since become immensely reality. In the end, they developed an IoT-enabled, the days of doing less harm, they now want Impact Themes
influential in the public and private commercially-viable solution, along with an to ensure that their products and services
sectors. Working with the UNGC, the implementation plan, all designed to circular do more good. As the economy emerges
world’s largest corporate sustainability economy principles. Our Impact At Carlyle
from the COVID-19 pandemic, there is an
initiative, and Volans, a corporation that
unprecedented opportunity to rebuild and
conducts major inquiries into global GRI Disclosures
restructure to a more sustainable blueprint
issues, PA’s innovation and sustainability
experts produced a framework on how – ensuring sustainability only increases in
to innovate for the SDGs. relevance over the coming years.
David Rakowski
Sustainability Expert, PA Consulting
62
Penha Longa
Ca se St u d y
Impact Themes
GRI Disclosures
63
Case Study
Penha Longa 2 0 2 0 I M PAC T R E V I E W
When the UN published its Sustainable

Development Goals (SDGs) in 2015, it saw
sustainable tourism as important enough
to include under multiple SDGs, none more
prominently than SDG 8.9: “to devise and
implement policies to promote sustainable
tourism which creates jobs, promotes local
culture and products” by 2030.
Eco-tourism isn’t just an economic lifeline and a royal retreat that dates back to the
to communities: it is an effective way 15th and 16th centuries. When Carlyle Letter from Kew & Glenn
of placing more economic value on the European Realty acquired the property
preservation of natural spaces than on their in late 2018, the stringent environmental Intro from Meg Starr
exploitation. Not to mention, eco-tourism and historical requirements of owning and
also has the indirect benefit of allowing developing the property were assets, not Impact Themes
opportunities for tourists to appreciate and liabilities, since it came with an incredible
become advocates for nature. opportunity to invest in the physical and Our Impact At Carlyle
human community around the property,
Penha Longa Resort was originally opened to mutual benefit.
GRI Disclosures
in 1993 in a nature preserve just west
of the Portuguese capital of Lisbon, and
included important Portuguese cultural
heritage such as a 14th century monastery
64
Case Study
Penha Longa 2 0 2 0 I M PAC T R E V I E W
The hotel has also long invested in

the human community of the Sintra- “Eco-tourism isn’t just
Cascais region to ultimately make
the project more sustainable and
an economic lifeline to
mutually beneficial. communities: it is an
effective way of placing
heritage, they have also created interpretation
centers and hiking trails that maximize access more economic value on the
while minimizing impact.
preservation of natural spaces
The hotel is the largest in the area, and employs
300 full time staff as well as 300 temporary
than on their exploitation.”
workers per year, investing an average of
€1,000 per employee per year in professional
development. Beyond directly supporting their
employees, Penha Longa averages 1700 annual
volunteer hours and €300,000 in donations to
http://www.penhalonga.com/en/ the local communities, which includes forest
clean up and support for local fire services in a
country that has experienced significant recent Letter from Kew & Glenn
Penha Longa has done extensive work forest fires.
to restore and preserve the park –
Finally, the operations of the hotel itself are Intro from Meg Starr
also an important priority for sustainable
not just because it is important to the local
operations. Since investment, the Carlyle team
community, but also because it is an important Impact Themes
has worked with Siemens on an energy savings
attribute of the resort. The more Penha Longa takes
and management initiative, as well as identifying
care of the local environment, the more sustainable
water savings and banning single-use plastics in
it is as a valuable source of tourism for the local Our Impact At Carlyle
2020 as part of a wider initiative of Ritz Carlton,
region. Penha Longa has worked to remove invasive
who operates the resort.
flora species such as acacia, replant indigenous
plants such as cork oak and Portuguese oak, and GRI Disclosures
build suitable habitats such as nests for local fauna. The development and ownership of a hotel in
To help visitors appreciate the natural and cultural such a special piece of land may not be as easy as
other locations, but the Carlyle European Realty
team is proud to demonstrate how effective eco-
tourism and community investment can benefit
all stakeholders, exactly as UN SDG 8.9 envisions.
65
Sector: Technology Region: United States Lead Fund: CEOF II (Carlyle Equity Opportunity Partners II) Acquisition Date: 12/19/2018 2 0 2 0 I M PAC T R E V I E W
Accelerate Learning
Ca se St u d y
Impact Themes
GRI Disclosures
66
Case Study
Accelerate Learning 2 0 2 0 I M PAC T R E V I E W
One of the persistent causes of the

achievement gap in the United States
is costly, static, and scarce educational
materials, such as textbooks. Accelerate
Learning Inc (ALI)’s mission is to develop
digital learning tools that produce
verifiably better learning outcomes at a
lower price point, helping to make our
education system more equitable. It’s not Inside the Impact Review
just a mission statement, either: it’s a core Letter from Kew & Glenn
tenet of ALI’s business plan. Intro from Meg Starr
In 2018, ALI expanded its investor support comprehensive digital curriculum. ALI’s Impact Themes
through a partnership with Carlyle. disruptive product mix targets a large
Founded and incubated at Rice University and growing pre-K-12 market, providing Our Impact At Carlyle
in 2010, ALI is a high-growth eLearning high-quality content at one of the market’s
company that offers public school systems lowest prices, and serving both high-end GRI Disclosures
a comprehensive suite of proprietary school districts and districts with a high
STEM (Science, Technology, Engineering, percentage of low-income students.
and Math) curriculum products that
replace traditional print textbooks with a
67
Case Study
Accelerate Learning 2 0 2 0 I M PAC T R E V I E W
Built by teachers for teachers, • ALI delivers its content through an

school districts choose ALI because inexpensive, variable cost development
of its strong performance across process that enables it to be updated
continuously and customized in real-time, so
product quality, reputation, student
that it can [seek to] achieve 100% alignment
achievement outcomes, and price.
with state standards and adapt to specific
state standards and regulations, such as the
Built by teachers for teachers, school Next Generation Science Standards and
districts choose ALI because of its strong Common Core Math Standards.
performance across product quality,
reputation, student achievement outcomes, • ALI serves 4.5+ million students across
and price. For ALI, the proof is in the 2,380+ school districts in all 50 states and
pudding, which shows up in the academic abroad. It has experienced strong revenue
results of students and the satisfaction of the growth, with a CAGR of more than 50% over
educators who choose their system: 2015-2018, and a strong component of its
revenues are from recurring contracts.
• ALI has demonstrated market-leading efficacy.

Students using Accelerate Learning’s STEMscopes
Science product are on average 1.2 times more Market-Leading Efficacy
likely to score “advanced” and 1.5 times more likely
to score “proficient” on standardized testing than
students who do not use it. Letter from Kew & Glenn
As the education market shifts
significantly toward technology Intro from Meg Starr
– both in the classroom and at
home during COVID-19
Impact Themes
– ALI’s model presents a major advantage on

traditional textbooks: digital curriculum can be Our Impact At Carlyle
Accelerate Learning is particularly well
updated more rapidly and customized to meet suited to serve the large and growing market
specific local or national standards, and it provides for education core curriculum. Because its GRI Disclosures
real-time, actionable student data back to teachers. growth is grounded largely in its mission
– driving better educational outcomes at a
lower cost – broader societal impact is core
to its financial success. The impact, in fact, is
integral to why the business model works.
68
Sector: Healthcare Region: Africa Business Segment: CEOF II (Carlyle Equity Opportunity Partners II) Acquisition Date: 9/11/2018 2 0 2 0 I M PAC T R E V I E W
Abacus Pharmaceuticals
Ca se St u d y
Impact Themes
GRI Disclosures
69
Case Study
Abacus Pharmaceuticals 2 0 2 0 I M PAC T R E V I E W
Local manufacturing of
pharmaceuticals is a major challenge
to health care access in Africa,
which has a mere 3% share of global
pharmaceutical production and remains
largely dependent on imports. Founded
in 1995, Abacus Pharmaceuticals aims
to bridge that gap across East Africa
by establishing local pharmaceutical Inside the Impact Review
production capability and partnering Letter from Kew & Glenn
with international suppliers to provide Intro from Meg Starr

locally branded generic products or Impact Themes
affordable medicines from abroad.
Abacus is headquartered in Uganda Our Impact At Carlyle
with direct operations across Kenya, GRI Disclosures
Tanzania, Rwanda, Burundi and a

presence across the continent.
70
Case Study
Abacus Pharmaceuticals 2 0 2 0 I M PAC T R E V I E W
Africa is a shortage of trained pharmacists, Abacus also recognizes that the firm’s
so Abacus currently pays the tuition for performance on other material ESG issues
20 local pharmacy students per year. The is critical to value creation and preservation.
Company also focuses on identifying and For example, Abacus has consistently made
promoting local African talent: 80% of significant energy and cost reductions to
senior hires since Carlyle invested in the reduce its carbon footprint. Abacus received
company in 2019 have been from East Uganda’s Inaugural Energy Management
Africa, improving local share of the executive Award recognizing it as a leader in energy
team to 60%. In addition to helping the local efficiency gains from its work applying
community develop this high-skill sector advanced energy management principles and
of the economy, it insulates the business practices. Health and safety issues, both for
against expatriate turnover and high talent employees and consumers, are also paramount
recruitment costs. Similarly, Abacus focuses in the pharmaceuticals business. Abacus has
on recruiting women for senior and technical specialist employee health and safety (EHS)
roles, with 53% of the manufacturing staff and board oversight, and has made
division’s chemists and 40% of the executive additional investments in employee safety
team represented by women. under Carlyle’s ownership, now monitoring
impact goals and initiatives at the board level
and hiring a dedicated Legal & ESG officer.
Abacus also continues to collaborate with
Uganda’s National Drug Authority (NDA) to Inside the Impact Review
improve quality assurance throughout the
pharmaceutical supply chain.
For Abacus, stakeholder-focused business
While Abacus’ business thesis
practices don’t merely reflect philanthropic
aligns with solving a challenging Intro from Meg Starr
ideals: they’re an essential part of how the
issue for its local community, the business will thrive.
reverse is true as well: Beyond just the Company’s own employees,
Abacus also provides the public with free Impact Themes
medical camps with HIV and Hepatitis B testing,
Abacus needs a thriving local community in order as well as health counseling. Abacus’ primary
to be successful. To grow and develop as a business, manufacturing site in Mukono, Uganda has a
Abacus proactively supports its regional community water treatment plant on-site for its own use,
to promote sustainable employee, supplier, and but it also treats the primary source of water GRI Disclosures
customer bases. One of the persistent issues facing for local communities. Once COVID-19 was
identified in Uganda, Abacus led the private
sector response by supporting the Ministry
of Health through donations of critical
pharmaceutical products, medical equipment
and food. (see page 14)
71
O U R I M PA C T AT C A R LY L E
What we’re doing at

Carlyle to create: Inside the Impact Review
Di ve rse Tea ms • E n g a g ed E mpl oye e s • S u sta i n a b l e G row t h Impact Themes

C l i ma te Resi l i en ce • St ro n g e r Co m m u n i t i e s
GRI Disclosures
72
DIVERSE TEAMS
Diverse & Inclusive Teams
Like the other areas of competitive Stats as of 12/31/19
strength that define Carlyle,

evolving our diversity and inclusivity 25 %
44 % 50 % 29 %
takes commitment and action as Senior leaders
(Principal - Partner)
a firm overall, and from each and are women in the US
every one of our employees. We and

strive to ensure that every colleague Female Employees Female Hires
in 2019
Female senior
leader new hires
feels that they matter, are valued,
and have access to opportunities –
21 % globally in 2019
Globally
so we can all contribute.

Stats as of 12/31/19

Associate class in
37 % 45 % 49 %
U.S. Corporate
Private Equity (CPE)
in 2020 is
Impact Themes
65 % Ethnic minority
employees (US)
Ethnic minority new
hires in 2019 (US)
of investment
professionals hired
in the US in 2019
diverse were female, Black/

GRI Disclosures
African American,
or Latinx
73
DIVERSE TEAMS
Recognitions
1. Carlyle was honored with the 2019 SuperReturn More than half of
Award for Achievement in Promoting Diversity –
our $217B in AUM is
The award winner was determined by a judging
panel comprised of limited partners (LPs) managed by women
2. Carlyle received a perfect score in the Human

Rights Campaign Corporate Equality Index
Impact Themes
GRI Disclosures
74
DIVERSE TEAMS
Year Up Partnership
Diversity of thought is critical for better decision

making and better business performance. We have
worked to build partnerships and networks through
which we can help train and develop talented
individuals from a broad array of backgrounds –
Year Up is one of those valuable partners.
Year Up provides young adults from support and a six-month internship

underserved communities the skills, working in various roles based in our
experience, and support to help them DC and New York offices. The internship
reach their full potential through provides hands-on technology experience
professional careers and higher education. and opportunities to work directly with
Year Up offers intensive training programs Carlyle employees across the firm. It has Inside the Impact Review
that provide opportunities for young also been an effective recruiting tool for
adults ages 18–24 to gain hands-on skills Carlyle as we look to identify talent – we Letter from Kew & Glenn
development, coursework eligible for have now provided extended employment
college credits, corporate internships, and for 34 Year Up interns through full-time Intro from Meg Starr
wraparound support that helps them to positions and contract roles.
better secure employment. Impact Themes
Since establishing our partnership with

Year Up in 2007, Carlyle has provided 99
diverse women and men with mentoring
GRI Disclosures
75
DIVERSE TEAMS
2019 Veterans Initiative Summit Overview
In October, Carlyle and Blackstone partnered to co-host the

2019 Private Equity Veterans Initiative Summit in Washington,
DC. This is the fifth year that Carlyle has co-sponsored the
initiative, which has built a platform to give our portfolio
companies the tools, resources, and relationships to effectively
recruit, hire, and transition Veterans into an organization, while
also arming companies with the knowledge to professionally
develop and retain those Veterans as an effective part of
their team. This year was our largest event yet, with over 45
attendees from more than 20 portfolio companies.
Representatives and resources from federal Frank Finelli, a Partner in Carlyle’s

government, non-profit, and for-profit US Buyout team and retired Army
organizations joined for the day, including Lieutenant Colonel, who leads Carlyle’s
Veteran Employee Resource Group and Letter from Kew & Glenn
from the White House, the Department
of Defense, the Department of Labor, the spearheaded Carlyle’s participation at
U.S. Chamber of Commerce, Hiring our this event noted, “The Veteran Initiatives Intro from Meg Starr
Heroes, and the USO. The Summit focused Summit provides an unparalleled
on sharing insights on Veteran transition opportunity for Carlyle’s portfolio company Impact Themes
and retention, the changing nature of executives to engage thought leaders and
warfare and its impact on the workforce, discuss best practices for employment Our Impact At Carlyle
the untapped military spouse talent pool, & retention programs for Veterans and
and several actionable strategies attendees Military Spouses, a key cohort that raises GRI Disclosures
could implement within their organizations professionalism and productivity across
to implement a Veterans and Military our broader workforce.”
Spouse employment program.
76
E N G AG E D E M P L OY E E S
Mentoring program
Mentoring is a key part of career development. Our people are our most
valuable asset, so robust mentoring relationships are mission critical
for us. More than 800 Carlyle employees from across the globe have
now participated in our Global Mentoring Program, which is open to all
of our employees. Created by our Diversity & Inclusion Council in 2014,
the year-long commitment focuses on career development by matching
employees with more experienced colleagues to gain knowledge, skills,
experience, information and candid advice.
As a firm, this work is critically important or her navigate around Carlyle. You can
because it focuses on our people – which never underestimate how helpful or
are core to our success – to help them impactful a simple conversation, over a
develop their careers, build broader cup of coffee, could be to someone’s career
networks across the firm, and strengthen – it’s why I have stayed engaged with the
our culture. For our mentees, the program and look to keep developing new Letter from Kew & Glenn
relationships open avenues for exposure mentoring relationships.”
to additional experiences, styles, ideas, Intro from Meg Starr
provide a distinctive way to develop skills “The mentor program gives you the
on an accelerated schedule, and are an opportunity to interact with someone at Impact Themes
opportunity to receive confidential input on the firm you may not necessarily meet,”
career and professional development. adds Erin Daverse, a Senior Accountant Our Impact At Carlyle
in Corporate Accounting at Carlyle.
Matt LoRusso, a Managing Director and “This relationship helps both the mentor GRI Disclosures
Director of Global Workplace Services, and mentee to experience and utilize a
has been a repeat mentor over the course unique perspective that you gain from
of the program’s life, noting that, “the one another. This program does an
mentoring program is a great way to excellent job encouraging you to expand
engage with a colleague and help him your horizons and recognize how much
77
Carlyle and its employees have to offer.”
Employee survey
The people of Carlyle are what make us who we are: to

our investors, shareholders, and to each other. We want
to continually improve our employees’ experience at the
firm, and build a culture that encourages transparency,
collaboration and innovation.
In the past year we launched our first

ever firm-wide employee engagement
survey to get feedback and ideas on how
to make Carlyle an even better place to
work. We believe diversity of thought
and having a variety of voices at the table Inside the Impact Review
gives us an investment edge, so every
voice in our firm matters. Our senior Letter from Kew & Glenn
leaders combed through the results,
communicated them back to the firm
and the Board of Directors, and are now
developing concrete actions steps that are
shaped by our employee feedback. We are Impact Themes
committed to ensuring Carlyle is set up
to succeed – work we’ll do together. Our Impact At Carlyle
GRI Disclosures
78
ERGs
Employee Resource Groups (ERG’s) are essential to Carlyle’s

diversity strategy – these groups provide opportunities
for individuals to share ideas, highlight successes and
concerns, and develop important professional connections.
The ERGs provide networking Carlyle’s ERGs include:

opportunities to engage our people in
helping to attract, develop and retain • Multicultural Group
the best professionals in our industry –
• LGBTQ Group
Carlyle employees – and to be a source of
ideas on how to continuously improve our • Women’s Group
organization.
• DiversAbility
In addition to a variety of group events that • Veteran’s Group
fostered education, learning, volunteering, • Young Professionals Group Letter from Kew & Glenn
and networking – some highlights are
• Working Parents Group
below – in the past year Carlyle’s ERGs Intro from Meg Starr
have each drafted Ally One Pagers as part
of the cross-ERG Ally Initiative. The Ally Impact Themes
One Pagers offer insight and tips on what
we can do in our day-to-day activities to Our Impact At Carlyle
make our colleagues feel valued. Their goal
is to help drive inclusion and raise visibility
GRI Disclosures
of the ERGs and their constituents.
79
ERG Highlights
Multicultural ERG Lunch & Veteran’s ERG Hosts Kewsong Lee Hosts
Learn with Reggie Van Lee Warrior Canine Connection Carlyle Pride Kick-Off with
Volunteer Event the Trevor Project CEO
Close to 100 Carlyle employees from the DC, Letter from Kew & Glenn
Rosslyn and New York offices participated in In July, the Veteran’s ERG held a volunteer event In June, Kewsong Lee partnered with the LGBTQ
the Multicultural ERG’s Lunch & Learn session at the Warrior Canine Connection (WCC) ERG to host a lunch with Trevor Project CEO
with Reggie Van Lee as the guest speaker. headquarters in Boyd, Maryland. Amit Paley. Garrett Hall, Principal in AlpInvest Intro from Meg Starr
Reggie provided valuable insights into his new
Secondary Fund and Co-Head of the LGBTQ ERG,
role as Carlyle’s Chief Transformation Officer
35 volunteers toured WCC’s new moderated the conversation which was attended by
and shared inspirational experiences about his
headquarters, funded in part by donations from more than 90 professionals in the DC office. Impact Themes
background and career success.
a 2018 Carlyle event when Chairman Emeritus
and Co-Founder Dan D’Aniello welcomed The discussion launched Carlyle’s Pride month
100 attendees and made a surprise $100,000 effort and touched on the business imperative of
matching gift donation. During the visit, Carlyle Diversity and Inclusion and the Trevor Project’s
volunteers painted the training ground fence life-saving work around LGBTQ youth suicide.
and socialized puppies. On the impact at Carlyle, Lee said, “It’s cultural. I GRI Disclosures
want to make it clear that we are all about creating
more inclusion and more understanding that
different perspectives are what’s required to excel.”
80
Health and Wellness Highlights
Our people are our priority, so keeping our employees healthy

is front of mind, particularly during COVID-19. We partnered
with an external wellness provider, Namaste Wellness, to do
mindfulness and wellness webinars, live meditation, and live
yoga classes for Carlyle employees while many global offices
were closed. We also concentrated COVID-19 resources on our
internal web page, including tips for managers and working
parents, access to our Employee Assistance Program, and more.
Carlyle provides a membership for all employees The LGBTQ and Working Parents employee
and their families to One Medical, one of our resource groups (ERGs) brought forth this
portfolio companies. One Medical is a primary opportunity to support our employees, in
care practice with the goal of making it more partnership with our Human Resources team.
comfortable and more convenient to get care
whenever and wherever you need it. Importantly, This benefit provides access to the largest national
One Medical provides free 24/7 virtual care network of premier fertility specialists, as well as Letter from Kew & Glenn
via video, phone, and email, as well as online support and guidance for adoption or surrogacy
appointment booking and prescription renewals options. It will also offer coverage for family
via the app or web – a service that our employees planning processes. This comes on the heels of our Intro from Meg Starr
have leaned on heavily during COVID-19. revamped parental leave policy, where, as of April
2019, we offer 16 weeks of paid parental leave for
Carlyle specifically focused on equity and primary caregivers. Impact Themes
inclusivity as we worked to redesign some of our
employee benefits in 2019. We partnered with We recognize our responsibility in providing
Progyny, a leading fertility benefits provider, to an environment that empowers our employees
offer inclusive family building benefits and support – regardless of race, gender, ethnicity, sexual
to our employees and their partners, including orientation or gender identity – to succeed both in GRI Disclosures
single parents by choice and LGBTQ individuals and outside of the workplace. Everyone’s pathway
and couples, starting in January 2020. Unlike to parenthood is different, and it is our goal to
traditional benefits that require evidence of provide the emotional and financial support
infertility, this benefit is available to all. needed to give our employees the opportunity to
grow their families.
81
S U S TA I N A B L E G R OW T H
Annual Sustainability Workshop
Leadership and learning go hand-in-hand, and our portfolio

companies continue to lead on ESG issues by learning from
each other on these important topics. Our portfolio companies
are frequently at the forefront of specific ESG innovations –
from how they are managing ESG issues themselves to how they
are developing products and services that could help other
portfolio companies capitalize on ESG risk management and
value creation opportunities.
These innovations can be leveraged across deployed their enterprise software solutions for
our companies – something we actively work managing ESG data at other Carlyle companies to
to facilitate. In December Carlyle hosted its help drive better decision making, and in-house
annual Sustainability Workshop for our portfolio experts such as Kara Helander, Carlyle’s Chief
companies, welcoming participants from 15 Inclusion & Diversity Officer, shared practical
different portfolio companies for a day of tips and advice about how to build inclusive and
discussion, information sharing, and problem diverse cultures within organizations. Leadership Letter from Kew & Glenn
solving on pressing ESG topics. on ESG issues isn’t accomplished by going at it
alone – we know we can all do more by learning
Our Co-CEO Glenn Youngkin kicked off the day by from each other. Intro from Meg Starr
highlighting the rising importance of ESG themes
such as climate change and diversity and inclusion
in his conversions with our global LPs, and in how Impact Themes
he thinks about creating long-term value for our
investors. Carlyle portfolio company IsoMetrix
walked through case studies of how they have
GRI Disclosures
82
ESG Training and Education at Carlyle
What’s the better approach: a dedicated ESG team, or ESG

integration embedded across investment professionals? Our
view is that it’s not an either/or – you need both. We believe it
is important to have both dedicated in-house ESG expertise to
drive learning, best-practice, and education on emerging ESG
issues, as well as broad-based responsibility for ESG matters
across investment teams so that ESG is inextricably embedded
into the investment process.
Carlyle has a dedicated global team of internal

ESG professionals based between Washington
DC, New York, and London, led by Carlyle’s Global
Head of Impact. The ESG team not only works Inside the Impact Review
closely with our deal teams on investments –
providing hands-on guidance – but also holds Letter from Kew & Glenn
regular trainings with investment professionals
across levels to provide education on ESG
frameworks – such as SASB – on how to create Intro from Meg Starr
tailored value-creation plans, and emerging ESG
thematic issues. Impact Themes
GRI Disclosures
83
ESG Data in action
ESG data is a hot topic of conversation across the investment

world. And for good reason – this data is critical to effectively
integrating, improving, and monitoring material ESG issues
across investments. Collecting data for data’s sake isn’t
particularly helpful, however – so we are careful to collect data
that has specific use cases and applications.
We track bespoke ESG key performance indicators research on value creation drivers, such as
(KPIs) for certain investments – for example, research we performed (Impact Report) which
Carlyle Europe Partners is in its fourth year of quantified the correlation between board
collecting company-specific material ESG KPIs. diversity and annual earnings growth across
In 2019 we expanded that work to track broad- our portfolio companies. This data is also useful Inside the Impact Review
based KPIs that are relevant across our diverse for communicating with our LPs and broader
geographies and assets, such as data on the stakeholders.
diversity of company boards. Letter from Kew & Glenn
While ESG data is relevant across our investment
Both approaches – the “micro” of company- activity, for certain investment strategies that align
specific data, and the “macro” of cross-portfolio with impact themes, such as our Renewable and Intro from Meg Starr
information – play different but increasingly Sustainable Energy platform, we also track bespoke
vital roles in our investment process. Tailored, impact metrics, such as megawatts of clean energy
Impact Themes
materiality-based data help us identify risks and installed and greenhouse gas emissions avoided.
opportunities, create bespoke value-creation plans,
and measure progress over time for companies. ESG data is powerful when approached with Our Impact At Carlyle
Portfolio-wide data helps us understand and nuance, rigor, and an investment mindset –
manage systemic risks, such as those posed by collecting ESG data for the sake of collecting ESG
climate change, and perform more comprehensive data misses the mark. GRI Disclosures
84
Carbon neutrality
2019 was Carlyle’s third year of carbon neutrality across our

32 global offices and the activities of our more than 1,750
employees, after we became the first major private equity firm
to make a carbon neutrality commitment in 2017. Using the
World Resources Greenhouse Gas (GHG) Protocol, we focused
on the material sources of emissions for our firm: office utilities,
offsite data centers, commercial and private air travel, and
employee commuting. In 2019 we emitted 19,576 metric tonnes
of carbon dioxide equivalent across those categories, detailed
in the table below. As in prior years, we offset our emissions by
purchasing carbon offsets in truck stop electrification projects
in the US through The Carbon Fund, which were verified by the
American Carbon Registry.
Category Emissions (MT/CO2e)

Office Utilities (Scope 2) 5,042
Data Centers (Scope 2) 363 Impact Themes
Business Travel (Scope 3) 12,780 Our Impact At Carlyle
Employee Commuting (Scope 3) 1,390

GRI Disclosures
Total: 19,576*
*may not add up due to rounding
85
ST RO N G E R COM MU N I T I E S
Communities
Our work is grounded in the communities in which we

work and live. Carlyle professionals across the globe
donate time, money, and expertise to helping build
vibrant and inclusive local communities, something
that we encourage and celebrate as a firm.
In 2019 more than 280 Carlyle employees gave over

500 philanthropic gifts which were matched by
the firm. These gifts supported close to 300 non-
profit organizations globally. Carlyle also initiated
a significant philanthropic effort in response to
COVID-19, donating more than $10M to non-profit Inside the Impact Review
organizations globally to help relief efforts. Carlyle
employees also put their time and expertise to work Letter from Kew & Glenn
through volunteer activities across our offices.
Impact Themes
GRI Disclosures
86
Volunteer activities across our offices
New York Tokyo London
• Carlyle employees collected nearly 100 • Carlyle colleagues volunteered for the • Carlyle’s London office participated in a
backpacks for Operation Backpack, an non-profit, Tokyo Port Green Volunteers at clothing drive for Fight for Peace, donating
initiative of Volunteers of America-Greater Tokyo Port Wild Bird Park, which Carlyle office attire to help young people dress for
New York that provides new backpacks filled has supported since 2006. Our colleagues success for job interviews and new roles.
with school supplies to children living in spent time cleaning up the park and roads
homeless or domestic violence shelters. outside and plowing the ground in the
• During Global Volunteer Month, in
bamboo forest.
partnership with the charity ThinkForward,
• For the fourth year, New York colleagues employees took part in a Resume and Mock-
participated in a holiday toy drive in Interview Workshop for school leavers.
December to support the Carter G. ThinkForward works closely with schools
Woodson School in Brooklyn. Last year, across London and nationally across the
277 children received gifts from Carlyle UK to support young people transitioning
employees, which are often the only from education to employment or college/
gifts they receive for the holidays. The university. Attendees gain exposure to a Inside the Impact Review
Woodson School, located in Bedford professional workplace environment and
Stuyvesant, Brooklyn, shared that they the counsel of business professionals as they
are “a 100% Title One school (Title One enter the world of work or apply for further Letter from Kew & Glenn
provides supplemental funds to school education.
districts to assist schools with the highest
student concentrations of poverty to meet Intro from Meg Starr
• Volunteers participated in the ‘Wrap Up
school educational goals)... Our school is
London’ campaign, a charitable initiative
comprised of 286 students. We have a large
that runs an annual coat donation drive
population of students with special needs Impact Themes
to provide outerwear for homeless people,
totaling 35% of our schools population. Also,
refugees and people in need during the
38% of our population resides in temporary
winter months. Alongside the volunteering
housing (shelters) which includes double
efforts, the London office collected Our Impact At Carlyle
up housing and the 3 local shelters in
donations to support the campaign.
the neighborhood, one of which services
families of domestic abuse.”
GRI Disclosures
87
Volunteer activities across our offices
Washington, D.C.
• Two events supported Junior Achievement • Over 30 volunteers participated in the

of Greater Washington: JA in a Day and annual holiday shoebox gift drive for SOME
Junior Achievement Finance Park. At (So Others Might Eat) Shoebox Packing
both events, volunteers taught students Party. Volunteers filled gift boxes with gloves,
about budgeting, household expenses and scarves, hats and toiletries for homeless
saving money. These events mark a decade women and men, donating 316 boxes. The
of partnership with Junior Achievement, mission of DC-based SOME is to meet
supporting their goal of inspiring and the immediate daily needs of the people it
preparing young people to succeed in a serves with food, clothing, and healthcare.
global economy. SOME helps break the cycle of homelessness
by offering services, such as affordable
housing, job training, addiction treatment,
• Team Carlyle rode 670 miles in September
and counseling to the poor, the elderly, and
at the MS 100 from Reston to Middleburg Inside the Impact Review
individuals with mental illness.
to help find a cure for Multiple Sclerosis.
The Carlyle team raised nearly $28,000 –
the highest amount of the 48 participating • Volunteers helped at a Boys & Girls Club
teams. The entire race raised nearly of Greater Washington holiday party, and
$300,000 across 350 riders. The donations Carlyle employees sponsored 30 kids for the
will help fund research to stop the disease holiday gift drive. The mission of BGCGW
progression, restore function and ultimately is to help boys and girls of all backgrounds,
end MS forever. especially those who need us most, build
confidence, develop character and acquire
the skills needed to become productive, Impact Themes
civic-minded, responsible adults.
GRI Disclosures
88
G R I D I S C LOS U R E S
GRI
Material
Assessment Inside the Impact Review
Methodology Letter from Kew & Glenn
Impact Themes
GRI Disclosures
89
G L O B A L R E P O R T I N G I N I T I AT I V E DATA
Materiality Assessment Methodology
For this year’s report, we have utilized the

GRI
Global Reporting Initiative (GRI) Standards, which
Materiality provide an internationally recognized framework to
Assessment communicate our material ESG issues as a firm to our
Methodology stakeholders with improved disclosure and transparency.
As part of an initial materiality assessment, we took

into account the expectations and requirements of
our stakeholders, the knowledge and experience of our
in-house ESG and Impact team members, and the
Sustainability Accounting Standards Board (SASB) Asset
Management & Custody Activities Standards. These
inputs helped us identify the material topics to be
covered in this report, while also taking into account the Inside the Impact Review
degree to which The Carlyle Group has control over each
issue. Letter from Kew & Glenn
We also included topics that are important to Carlyle
and aligned with our culture and values (for example, Intro from Meg Starr
through enhanced disclosures on diversity and inclusion,
and climate change). Details of the material issues we Impact Themes
identified for our firm can be found on the next page and
JUMP AHEAD
in our GRI contents page. Our Impact At Carlyle
GRI Content Index

GRI Disclosures
Material Topics Economic Environment Social Stakeholder Engagement
90
G R I R E P O R T I N G I N I T I AT I V E S TA N DA R D S
Economic Environment Social
Economic issues are core to our As a financial services organization, As discussed in our 2020 Impact
business – as a global investment the majority of our direct operations Review, we strive to ensure that
GRI firm we work together to create are office based; hence we are every colleague feels that they
long-term value for our investors, keenly aware that our environmental matter, are valued, and have access
Materiality companies, shareholders, people and impacts as a firm are relatively small. to opportunities – so we can all
communities. Economic factors have However, as referenced in the Climate contribute. We believe that the
Assessment the potential to impact both our own Resilience section of this report, continued development of our
Methodology operations, as well as our investment Carlyle believes that climate change employees at every level in our
portfolio. Stewarding capital is a key is one of the most pressing issues of organization, as well as our focus on
aspect of our fiduciary duty, creating our time, creating unprecedented enhancing diversity and inclusivity,
both opportunities and risks. We risks and opportunities for businesses are areas of competitive strength
therefore believe that the following across all industries. To respond at Carlyle. We therefore consider
GRI ‘economic topics’ are the most to this challenge and to provide that the following GRI ‘social
material to our organization: greater transparency on our direct topics’ are the most material to
environmental impacts, we believe our organization:
the following GRI ‘environmental
• Direct economic value generated topics’ are the most material to
and distributed our organization: • Benefits provided to full-
time employees that are not
• Infrastructure investments and provided to temporary or part- Inside the Impact Review
services supported • Energy consumption within time employees
the organization
• Communication and training • Programs for upgrading Letter from Kew & Glenn
about anti-corruption policies • Energy intensity employee skills and transition
and procedures assistance programs
• Direct (Scope 1) GHG emissions
• Percentage of employees
• Energy indirect (Scope 2) receiving regular performance Impact Themes
GHG emissions and career development reviews
JUMP AHEAD
• Other indirect (Scope 3) • Diversity of governance Our Impact At Carlyle
GHG emissions bodies and employees
GRI Content Index
• Non-compliance with • Incidents of non- GRI Disclosures
environmental laws compliance concerning
Material Topics and regulations marketing communications
91
G R I R E P O R T I N G I N I T I AT I V E S TA N DA R D S
Stakeholder Engagement 2 0 2 0 I M PAC T R E V I E W
The graphic below illustrates our key stakeholders, interested in understanding more about the as climate change, and diversity and inclusion.
as well as our channels for directly engaging with broader environmental and social impacts of our Our progress on these topics are highlighted
each of those stakeholders on ESG-related matters. business and our portfolio companies, and to see in this report.
Our direct stakeholders are increasingly Carlyle leadership on key global challenges such
GRI
Carlyle’s Stakeholders & Respective Channels of Engagements
Materiality
Assessment
Methodology
• Annual Impact Review
• GRI reporting/ESG data
SHAREHOLDERS • Public filings and 1:1 conversations L I M I T E D PA R T N E R S
• LP meetings and engagements

• Updates via our LP Connect portal
• ESG research publications
• Investor Conferences
• Annual Impact Review
• Quarterly and ad-hoc reporting
• Regulatory compliance
and audits Carlyle’s Inside the Impact Review
B R OA D E R Stakeholders
PUBLIC • Engagement with
industry and issue groups Letter from Kew & Glenn
Impact Themes
• Annual sustainability workshop
• Annual ESG training at each seniority level
JUMP AHEAD • ESG data collection and analysis
and across functional teams Our Impact At Carlyle
• 1:1 engagement with ESG team
• Centralized ESG resources on firm intranet P O RT F O L I O
GRI Content Index E M P L OY E E S C O M PA N I E S • ESG Action Plan and value
• Dedicated internal personnel on ESG, diversity
creation support GRI Disclosures
and inclusion, human capital, cyber security, and more
Material Topics • Ongoing mentoring and employee engagement
programs (detailed in GRI Standard 404-2)
92
GRI CONTENT INDEX
GRI 102: General Disclosure

The table below indicates where information relating to the Global Reporting
Initiative Standards is located in The Carlyle Group’s 2019 Impact Review report, the
Annual Report on Form 10-K for the year ended December 31, 2019 filed with the U.S.
Securities and Exchange Commission and/or in other The Carlyle Group materials.
Disclosure
Number Disclosure Title Description Location or Relevant Information
102-1 Name of the The reporting organization shall report the following information: The Carlyle Group Inc.
organization a. Name of the organization
102-2 Activities, brands, The reporting organization shall report the following information: Please see pages 8-12 in
products, and services a. A description of the organization’s activities The Carlyle Group’s Form 10-K report
b. Primary brands, products, and services, including an explanation of any products or [https://ir.carlyle.com/static-files/107d3ad6-
services that are banned in certain markets f566-48e0-894f-6dede73c7083]
102-3 Location of The reporting organization shall report the following information: Please see page 46 in
headquarters a. Location of the organization’s headquarters The Carlyle Group’s Form 10-K report
[https://ir.carlyle.com/static-files/107d3ad6-
f566-48e0-894f-6dede73c7083]
102-4 Location of operations The reporting organization shall report the following information: Please see page 5 in
a. Number of countries where the organization operates, and the names of countries where The Carlyle Group’s Form 10-K report
it has significant operations and/or that are relevant to the topicscovered in the report [https://ir.carlyle.com/static-files/107d3ad6- Inside the Impact Review
f566-48e0-894f-6dede73c7083]
102-5 Ownership and The reporting organization shall report the following information: Please see pages 19 & 292 in Letter from Kew & Glenn
legal form a. Nature of ownership and legal form The Carlyle Group’s Form 10-K report
[https://ir.carlyle.com/static-files/107d3ad6-
f566-48e0-894f-6dede73c7083] Intro from Meg Starr
102-6 Markets served The reporting organization shall report the following information: Please see pages 5-18 in
The Carlyle Group’s Form 10-K report Impact Themes
a. Markets served, including:
i. geographic locations where products and services are offered; [https://ir.carlyle.com/static-files/107d3ad6-
ii. sectors served; f566-48e0-894f-6dede73c7083]
iii. types of customers and beneficiaries Our Impact At Carlyle
102-7 Scale of the The reporting organization shall report the following information: Please see pages 5-18, & 99-100 in
organization The Carlyle Group’s Form 10-K report GRI Disclosures
a. Scale of the organization, including:
i. total number of employees; [https://ir.carlyle.com/static-files/107d3ad6-
ii. total number of operations; f566-48e0-894f-6dede73c7083]
iii. net sales (for private sector organizations) or net revenues (for public sector
organizations);
iv. total capitalization (for private sector organizations) broken down in terms of debt and equity;
v. quantity of products or services provided
GRI CONTENT INDEX

Disclosure
102-8 Information on The reporting organization shall report the following information: Please see the Diverse Teams section
employees and a. Total number of employees by employment contract (permanent and temporary), by gender of the 2020 Impact Review.
other workers b. Total number of employees by employment contract (permanent and temporary), by region
c. Total number of employees by employment type (full-time and part-time), by gender
d. Whether a significant portion of the organization’s activities are performed by workers who
are not employees. If applicable, a description of the nature and scale of work performed by
workers who are not employees
e. Any significant variations in the numbers reported in Disclosures 102-8-a, 102-8-b, and 102-8-
c (such as seasonal variations in the tourism or agricultural industries)
f. An explanation of how the data have been compiled, including any assumptions made
102-9 Supply chain The reporting organization shall report the following information: As a multinational private equity, alternative
a. A description of the organization’s supply chain, including its main elements as they relate to asset management and financial services
the organization’s activities, primary brands, products, and services corporation, The Carlyle Group works with a
number of third party service providers that
support its day-to-day business operations.
In all dealings with any third parties, the
Carlyle Group applies the principles, values, Inside the Impact Review
standards, and norms of behavior. As
can be read in an abbreviated version of
Carlyle’s Global Code of Conduct. Letter from Kew & Glenn
102-10 Significant changes to The reporting organization shall report the following information: Please see pages 5-9, & 95 in
the organization and its a. Significant changes to the organization’s size, structure, ownership, or supply chain, The Carlyle Group’s Form 10-K report Intro from Meg Starr
supply chain including: [https://ir.carlyle.com/static-files/107d3ad6-
i. Changes in the location of, or changes in, operations, including facility openings, closings, f566-48e0-894f-6dede73c7083]
and expansions; The Carlyle Group appointed Stefan Impact Themes
ii. Changes in the share capital structure and other capital formation, maintenance, and Grunwald as Chief Procurement Officer in
alteration operations (for private sector organizations); 2019 to work with portfolio companies and
iii. Changes in the location of suppliers, the structure of the supply chain, or relationships with Carlyle to drive accountability in the supply Our Impact At Carlyle
suppliers, including selection and termination chain. No other significant changes were
made to the organization’s supply chain
in 2019.
GRI Disclosures
102-12 External initiatives The reporting organization shall report the following information: The Carlyle Group is currently a member of
a. A list of externally-developed economic, environmental and social charters, principles, or Businesses for Social Responsibility (BSR),
other initiatives to which the organization subscribes, or which it endorses Sustainability Accounting Standards Board
(SASB) Alliance, and Renewable Energy
Buyers Association (REBA).
GRI CONTENT INDEX

Disclosure
102-13 Membership The reporting organization shall report the following information: The Carlyle Group is currently a member of
of associations a. A list of the main memberships of industry or other associations, and national or or affiliated with the American Investment
international advocacy organizations Council, Invest Europe, the British Private
Equity & Venture Capital Association (BVCA),
the German Private Equity and Venture
Capital Association (BVK), and the Emerging
Markets Private Equity Association (EMPEA).
102-14 Statement from senior The reporting organization shall report the following information: Please see the Letter from our Co-CEOs
decision-maker a. A statement from the most senior decision-maker of the organization (such as CEO, chair, or in the 2020 Impact Review.
equivalent senior position) about the relevance of sustainability to the organization and
its strategy for addressing sustainability
102-15 Key impacts, risks, and The reporting organization shall report the following information: Please see pages 34-95 in
opportunities a. A description of key impacts, risks, and opportunities The Carlyle Group’s Form 10-K report
https://ir.carlyle.com/static-files/107d3ad6-
f566-48e0-894f-6dede73c7083 Inside the Impact Review
Key impacts are covered in this report.
102-16 Values, principles, The reporting organization shall report the following information: An abbreviated version of Carlyle’s Global Letter from Kew & Glenn
standards, and norms a. A description of the organization’s values, principles, standards, and norms of behavior Code of Conduct is available on The Carlyle
of behavior Group’s website at [https://ir.carlyle.com/
static-files/cb8dbfd2-114c-483c-9f8f- Intro from Meg Starr
e19c63ab8afe]
102-17 Mechanisms for The reporting organization shall report the following information: The mechanisms for advice and reporting Impact Themes
advice and concerns a. A description of internal and external mechanisms for: concerns are summarized in an abbreviated
about ethics i. seeking advice about ethical and lawful behavior, and organizational integrity; version of Carlyle’s Global Code of Conduct
ii. reporting concerns about unethical or unlawful behavior, and organizational integrity and whistleblower policy summary https:// Our Impact At Carlyle
ir.carlyle.com/static-files/2366dbe6-d05c-
44d6-b74e-f544e52a686f
GRI Disclosures
GRI CONTENT INDEX

Disclosure
102-19 Delegating authority The reporting organization shall report the following information: The Carlyle Group’s Board of Directors
a. Process for delegating authority for economic, environmental, and social topics from the highest receives information about material ESG
governance body to senior executives and other employees issues for the firm. The Board of Directors
includes Daniel D’Aniello (Co-Founder
& Chairman Emeritus), Bill Conway (Co-
Founder & Co-Executive Chairman), David
Rubenstein (Co-Founder & Co-Executive
Chairman), Kewsong Lee (Co-Chief Executive
Officer), Glenn Youngkin (Co-Chief Executive
Officer) and Pete Clare (CIO for Corporate
Private Equity).
The Carlyle Group’s Global Head of Impact,

who oversees the Global ESG team reports
to Carlyle’s Chief Operating Officer, who is
a member of The Carlyle Group’s Executive
Group. The Global Head of Impact provides
regular updates on the firm’s ESG and impact
work to Kewsong Lee (Co-Chief Executive Inside the Impact Review
Private Equity). Letter from Kew & Glenn
Impact Themes
GRI Disclosures
GRI CONTENT INDEX

Disclosure
102-20 Executive-level The reporting organization shall report the following information: The Carlyle Group’s Board of Directors
responsibility a. Whether the organization has appointed an executive-level position or positions with responsibility receives information about material ESG
for economic, for economic, environmental, and social topics issues for the firm. The Board of Directors
environmental, b. Whether post holders report directly to the highest governance body includes Daniel D’Aniello (Co-Founder
and social topics & Chairman Emeritus), Bill Conway (Co-
Founder & Co-Executive Chairman), David
Rubenstein (Co-Founder & Co-Executive
Chairman), Kewsong Lee (Co-Chief Executive
Private Equity).
The Carlyle Group’s Global Head of Impact,

who oversees the Global ESG team reports
to Carlyle’s Chief Operating Officer, who is
a member of The Carlyle Group’s Executive
Group. The Global Head of Impact provides
regular updates on the firm’s ESG and Inside the Impact Review
impact work to Kewsong Lee (Co-Chief
Executive Officer), Glenn Youngkin (Co-Chief
Executive Officer) and Pete Clare (CIO for
Corporate Private Equity). Letter from Kew & Glenn

102-21 Consulting stakeholders "The reporting organization shall report the following information: The Carlyle Group’s Global Head of Impact,
on economic, a. Processes for consultation between stakeholders and the highest governance body on economic, who oversees the Global ESG team, reports
environmental, and environmental, and social topics into Carlyle’s Chief Operating Officer, who is
social topics b. If consultation is delegated, describe to whom it is delegated and how the resulting feedback is a member of The Carlyle Group’s Executive Impact Themes
provided to the highest governance body." Group. The Global Head of Impact provides
regular updates on the firm’s ESG and
impact work to Kewsong Lee (Co-Chief Our Impact At Carlyle
Executive Officer), Glenn Youngkin (Co-
Chief Executive Officer) and Pete Clare (CIO
for Corporate Private Equity), as well as
annual updates to The Carlyle Group Board
GRI Disclosures
of Directors.
GRI CONTENT INDEX

Disclosure
102-22 Composition of the The reporting organization shall report the following information: The Carlyle Group representatives from
highest governance a. Composition of the highest governance body and its committees by: across the organization, including those
body and its committees i. executive or non-executive; who sit on the highest governance body,
ii. independence; routinely talk to shareholders, LPs, NGOs and
iii. tenure on the governance body; government on economic, environmental
iv. number of each individual’s other significant positions and commitments, and social topics.
and the nature of the commitments;
v. gender;
vi. membership of under-represented social groups;
vii. competencies relating to economic, environmental, and social topics;
viii. stakeholder representation
102-23 Chair of the highest The reporting organization shall report the following information: Please see pages 266-273 in
governance body a. Whether the chair of the highest governance body is also an executive officer in the organization The Carlyle Group’s Form 10-K report
b. If the chair is also an executive officer, describe his or her function within the organization’s https://ir.carlyle.com/static-files/107d3ad6-
management and the reasons for this arrangement f566-48e0-894f-6dede73c7083
102-24 Nominating and The reporting organization shall report the following information: Please see pages 266-273 in Inside the Impact Review
selecting the highest a. Nomination and selection processes for the highest governance body and its committees The Carlyle Group’s Form 10-K report
governance body b. Criteria used for nominating and selecting highest governance body members https://ir.carlyle.com/static-files/107d3ad6-
including whether and how: f566-48e0-894f-6dede73c7083 Letter from Kew & Glenn
i. stakeholders (including shareholders) are involved;
ii. diversity is considered;
iii. independence is considered;
iv. expertise and experience relating to economic, environmental, and social topics are considered Intro from Meg Starr
102-25 Conflicts of interest The reporting organization shall report the following information: The Carlyle Group Inc.’s Form 10-K and
the Form ADV for its affiliated investment
Impact Themes
a. Processes for the highest governance body to ensure conflicts of interest are avoided
and managed advisors are filed with the U.S. Securities
b. Whether conflicts of interest are disclosed to stakeholders, including, as a minimum: Exchange and available to the firm’s
i. Cross-board membership; stakeholders disclose information on various Our Impact At Carlyle
ii. Cross-shareholding with suppliers and other stakeholders; conflicts of interest, including controlling
iii. Existence of controlling shareholder; shareholders of the public company, officer
iv. Related party disclosures and director public board positions, and GRI Disclosures
related party transactions.
GRI CONTENT INDEX

Disclosure
102-26 Role of highest The reporting organization shall report the following information: The Carlyle Group’s Board of Directors
governance body in a. Highest governance body’s and senior executives’ roles in the development, approval, and updating and its senior executives, including Co-
setting purpose, values, of the organization’s purpose, value or mission statements, strategies, policies, and goals related to CEOs Kewsong Lee and Glenn Youngkin,
and strategy economic, environmental, and social topics are responsible for the approval of the
organization’s purpose, value or mission
statements, strategies, policies, and goals
related to economic, environmental, and
social topics.
The Carlyle Group developed its Guidelines

for Responsible Investment in 2008, which
the firm retains to this day. These guidelines
are used in in our investment decision-
making, monitoring, and post-investment
activity. Our Guidelines can be found on our
website at the following link:
www.carlyle.com/citizenship
The Carlyle Group’s dedicated ESG team is

responsible for developing and updating
Carlyle’s approach to ESG issues, in
conjunction with senior executives across Letter from Kew & Glenn
the firm. Any material updates or changes to
Carlyle’s approach to ESG are reviewed and
approved by Carlyle’s Co-CEOs. Intro from Meg Starr
The Carlyle Group’s Board of Directors has
formal oversight for the firm’s approach
to ESG. It receives routine updates on the Impact Themes
firm’s approach to ESG issues, and annually
reviews the firm’s ESG report.
GRI Disclosures
GRI CONTENT INDEX

Disclosure
102-27 Collective The reporting organization shall report the following information: The Carlyle Group’s Board of Directors
knowledge of highest a. Measures taken to develop and enhance the highest governance body’s collective knowledge of receives updates on material issues
governance body economic, environmental, and social topics for the firm and education on
emerging topics, including on certain
economic, environmental, and social
issues such as diversity and inclusion,
cybersecurity, and more.
102-28 Evaluating the highest The reporting organization shall report the following information: Each year The Carlyle Group’s Board of
governance body’s a. Processes for evaluating the highest governance body’s performance Directors and its Committees conduct an
performance with respect to governance of economic, environmental, and social topics assessment of its performance against
b. Whether such evaluation is independent or not, and its frequency the objectives and goals that they set for
c. Whether such evaluation is a self-assessment themselves as well as the requirements
d. Actions taken in response to evaluation of the highest governance body’s performance with respect of their charter documents. As part of
to governance of economic, environmental, and social topics, including, as a minimum this assessment, the Board considers its
changes in membership and organizational practice strengths and areas for improvement.
Among other topics, the Board considers
whether it has the right mix of skills and Inside the Impact Review
experience on the Board.
Impact Themes
GRI Disclosures
GRI CONTENT INDEX

Disclosure
102-31 Review of economic, The reporting organization shall report the following information: The Carlyle Group has reported on
environmental, and a. Frequency of the highest governance body’s review of economic, environmental, and social topics economic, environmental and social topics
social topics and their impacts, risks, and opportunities since 2010 on an annual basis
102-32 Highest governance The reporting organization shall report the following information: The Carlyle Group’s Board of Directors has
body’s role in a. The highest committee or position that formally reviews and approves the organization’s formal oversight for the firm’s approach
sustainability reporting sustainability report and ensures that all material topics are covered to ESG. It receives routine updates on the
firm’s approach to ESG issues, and annually
reviews the firm’s ESG report.
102-33 Communicating The reporting organization shall report the following information: Any person may report directly to the
critical concerns a. Process for communicating critical concerns to the highest governance body Audit Committee and/or the management
by contacting the General Counsel in
relation to any accounting allegation, legal
allegation or to report a retaliatory act
by addressing such report in writing. The Inside the Impact Review
Carlyle Group has an Ethics and Compliance
Hotline that is available to all employees
and other processes for submitting concerns Letter from Kew & Glenn
anonymously. The General Counsel reports
each meeting to the Audit Committee of the
Board of Directors on any Whistleblower
activity. Whistleblower Policy
102-35 Remuneration policies The reporting organization shall report the following information: Please see pages 283-284 in Impact Themes
a. Remuneration policies for the highest governance body and senior executives for the following types The Carlyle Group’s Form 10-K report
of remuneration: https://ir.carlyle.com/static-files/107d3ad6-
i. Fixed pay and variable pay, including performance-based pay, equity-based pay, bonuses, and f566-48e0-894f-6dede73c7083 Our Impact At Carlyle
deferred or vested shares;
ii. Sign-on bonuses or recruitment incentive payments;
iii. Termination payments;
iv. Clawbacks; GRI Disclosures
v. Retirement benefits, including the difference between benefit schemes and contribution rates for the
highest governance body, senior executives, and all other employees
b. How performance criteria in the remuneration policies relate to the highest governance body’s and
senior executives’ objectives for economic, environmental, and social topics
GRI CONTENT INDEX

Disclosure
102-36 Process for The reporting organization shall report the following information: The Carlyle Group believes quality
determining a. Process for determining remuneration compensation and incentive programs
remuneration b. Whether remuneration consultants are involved in determining remuneration and whether are critical to hiring and retaining highly
they are independent of management qualified individuals.
c. Any other relationships that the remuneration consultants have with the organization
Base pay is provided to each salaried
employee in the form of a base salary and
to each hourly employee in the form of
compensation per hour to compensate
employees for satisfying the daily
expectations of their role. We strive to
provide base pay to our employees that is
competitive with the local marketplace for
our industry and so we may attract and
retain top talent.
The annual discretionary performance-
based cash bonus program is a significant
component of our compensation program Inside the Impact Review
and individual bonuses are determined
based on the performance results of
the firm overall, the investment funds
and departments and the individual’s
performance thereby providing direct
alignment with the firm’s financial
performance. Please see pages 233- Intro from Meg Starr
248 in The Carlyle Group’s Form 10-K for
information regarding Carlyle’s executive
compensation, the role of Carlyle’s Impact Themes
Compensation Committee of the Board
of Directors and Carlyle’s compensation
consultant.
102-37 Stakeholders’ The reporting organization shall report the following information: Please see pages 274-275 in
involvement in The Carlyle Group’s Form 10-K report
a. How stakeholders’ views are sought and taken into account regarding remuneration
https://ir.carlyle.com/static-files/107d3ad6-
GRI Disclosures
remuneration b. If applicable, the results of votes on remuneration policies and proposals
f566-48e0-894f-6dede73c7083
GRI CONTENT INDEX

Disclosure
102-40 List of The reporting organization shall report the following information: Please see the Stakeholder Engagement
stakeholder groups a. A list of stakeholder groups engaged by the organization section in the 2020 Impact Review.
102-41 Collective The reporting organization shall report the following information: There is a de minimis number of
bargaining agreements a. Percentage of total employees covered by collective bargaining agreements employees covered by collective
bargaining agreements.
102-42 Identifying and The reporting organization shall report the following information: Please see the Stakeholder Engagement
selecting stakeholders a. The basis for identifying and selecting stakeholders with whom to engage section in the 2020 Impact Review.
102-43 Approach to The reporting organization shall report the following information: Please see the Stakeholder Engagement
stakeholder a. The organization’s approach to stakeholder engagement, including frequency of engagement by section in the 2020 Impact Review.
engagement type and by stakeholder group, and an indication of whether any of the engagement was
undertaken specifically as part of the report preparation process
102-44 Key topics and The reporting organization shall report the following information: Please see the
concerns raised a. Key topics and concerns that have been raised through stakeholder engagement, including: Materiality Assessment Methodology
i. how the organization has responded to those key topics and concerns, including through its reporting; section in the 2020 Impact Review. Letter from Kew & Glenn
ii. the stakeholder groups that raised each of the key topics and concerns
Impact Themes
GRI Disclosures
GRI CONTENT INDEX

Disclosure
102-45 Entities included in the The reporting organization shall report the following information: Please see pages 160-181 in
consolidated financial a. A list of all entities included in the organization’s consolidated financial statements or The Carlyle Group’s Form 10-K report
statements equivalent documents https://ir.carlyle.com/static-files/107d3ad6-
b. Whether any entity included in the organization’s consolidated financial statements or f566-48e0-894f-6dede73c7083
equivalent documents is not covered by the report
102-46 Defining report content The reporting organization shall report the following information: Please see the
and topic Boundaries a. An explanation of the process for defining the report content and the topic Boundaries Materiality Assessment Methodology
b. An explanation of how the organization has implemented the Reporting Principles for section in the 2020 Impact Review.
defining report content
102-47 List of material topics The reporting organization shall report the following information: Please see the
a. A list of the material topics identified in the process for defining report content Materiality Assessment Methodology
section in the 2020 Impact Review.
102-48 Restatements of The reporting organization shall report the following information: There were no significant restatements Inside the Impact Review
information a. The effect of any restatements of information given in previous reports, and the reasons for of our Corporate Sustainability reporting
such restatements compared to the previous reporting period.
102-49 Changes in reporting The reporting organization shall report the following information: The Carlyle Sustainability Reports
have previously considered GRI and
a. Significant changes from previous reporting periods in the list of material topics and topic
SASB standards but this is the first year
Boundaries
these reporting frameworks have been
formally applied.
Impact Themes
102-50 Reporting period The reporting organization shall report the following information: Carlyle’s 2020 Impact Review is based on
a. Reporting period for the information provided information from the calendar year 2019
102-51 Date of most The reporting organization shall report the following information: Carlyle’s 2019 Corporate Sustainability GRI Disclosures
recent report a. If applicable, the date of the most recent previous report Report was published in July 2019
GRI CONTENT INDEX

Disclosure
102-52 Reporting cycle The reporting organization shall report the following information: Carlyle has prepared a Corporate
a. Reporting cycle. Sustainability Report since 2010.
102-53 Contact point for The reporting organization shall report the following information: Meg Starr:
questions regarding a. The contact point for questions regarding the report or its contents. Megan.Starr@carlyle.com
the report
102-54 Claims of reporting in The reporting organization shall report the following information: This report has been prepared
accordance with the a. The claim made by the organization, if it has prepared a report in accordance with the GRI in accordance with the
GRI Standards Standards, either: GRI Standards: Core option.
i. ‘This report has been prepared in accordance with the GRI Standards: Core option’;
ii. ‘This report has been prepared in accordance with the GRI Standards:
Comprehensive option’
102-55 GRI content index The reporting organization shall report the following information: The GRI content index (this document) is in Inside the Impact Review
a. The GRI content index, which specifies each of the GRI Standards used and lists all accordance with the GRI Standards.
disclosures included in the report
b. For each disclosure, the content index shall include: Letter from Kew & Glenn
i. the number of the disclosure (for disclosures covered by the GRI Standards);
ii. the page number(s) or URL(s) where the information can be found, either within the report
or in other published materials; Intro from Meg Starr
iii. if applicable, and where permitted, the reason(s) for omission when a required disclosure
cannot be made
Impact Themes
102-56 External assurance The reporting organization shall report the following information: At this time, The Carlyle Group does not seek
a. A description of the organization’s policy and current practice with regard to seeking external assurance for its Impact Review
report. The Carlyle Group’s consolidated
external assurance for the report
financial statements are externally audited Our Impact At Carlyle
b. If the report has been externally assured:
i. A reference to the external assurance report, statements, or opinions. If not included in the by Ernst and Young LLP.
assurance report accompanying the sustainability report, a description of what has and what
has not been assured and on what basis, including the assurance standards used, the level of GRI Disclosures
assurance obtained, and any limitations of the assurance process;
ii. The relationship between the organization and the assurance provider;
iii. Whether and how the highest governance body or senior executives are involved in seeking
external assurance for the organization’s sustainability report
M AT E R I A L T O P I C S
200 series (Economic) • 300 series (Environmental) • 400 series (Social)

The table below lists the material topics identified

during The Carlyle Group’s materiality assessment
process (see Impact Review, pg. 84). All topics
identified pertain directly to The Carlyle Group Inc.
GRI GRI Location

Standard Standard Disclosure or Relevant
Number Title Number Disclosure Title Description Information
GRI-201 Economic 201-1 Direct economic The reporting organization shall report the following information: Please see pages 160-181
value generated a. Direct economic value generated and distributed (EVG&D) on an accruals basis, including in The Carlyle Group’s Form
and distributed the basic components for the organization’s global operations as listed below. If data are 10-K report
presented on a cash basis, report the justification for this decision in addition to reporting the https://ir.carlyle.com/static-
following basic components: files/107d3ad6-f566-48e0-
i. Direct economic value generated: revenues; 894f-6dede73c7083
ii. Economic value distributed: operating costs, employee wages and benefits, payments to
providers of capital, payments to government by country, and community investments;
iii. Economic value retained: ‘direct economic value generated’ less ‘economic value distributed’
b. Where significant, report EVG&D separately at country, regional, or market levels, and the
criteria used for defining significance
GRI-203 Indirect 203-1 Infrastructure The reporting organization shall report the following information: Please see the
Economic investments and a. Extent of development of significant infrastructure investments and services supported The Carlyle Group’s
Impacts services supported b. Current or expected impacts on communities and local economies, including positive and infrastructure website
negative impacts where relevant https://www.carlyle.com/
c. Whether these investments and services are commercial, in-kind, or pro bono engagements real-assets Inside the Impact Review
GRI-205 Anti- 205-2 Communication and The reporting organization shall report the following information: Our Anti-Bribery & Letter from Kew & Glenn
corruption training about anti- a. Total number and percentage of governance body members that the organization’ anti- Corruption (ABC) Policy
corruption policies corruption policies and procedures have been communicated to, broken down by region has been shared with and
and procedures b. Total number and percentage of employees that the organization’s anti-corruption policies training on ABC is provided
to all Carlyle employees Intro from Meg Starr
and procedures have been communicated to, broken down by employee category and region
c. Total number and percentage of business partners that the organization’s anti-corruption globally. An internal audit
policies and procedures have been communicated to, broken down by type of business partner function also carries
and region. Describe if the organization’s anti-corruption policies and procedures have been out periodic monitoring Impact Themes
communicated to any other persons or organizations activity. Carlyle does not
d. Total number and percentage of governance body members that have received training on routinely share our ABC
Policy with our business
anti-corruption, broken down by region
partners. However, we do
e. Total number and percentage of employees that have received training on anti-corruption,
broken down by employee category and region require representation
and/or certificates on
their own compliance GRI Disclosures
with ABC requirements in
our contracts.


GRI GRI Location

GRI-302 Energy 302-1 Energy consumption The reporting organization shall report the following information: (a, b) The Carlyle Group has
within the a. Total fuel consumption within the organization from non-renewable sources, in joules or no direct fuel consumption
organization multiples, and including fuel types used as a part of its operations
b. Total fuel consumption within the organization from renewable sources, in joules or multiples,
and including fuel types used (c) Total estimated
c. In joules, watt-hours or multiples, the total: electricity consumption:
i. electricity consumption 12,036 megawatt hours
ii. heating consumption (MWH). Total estimated
iii. cooling consumption heating (natural gas)
iv. steam consumption consumption: 5,214 MWH.
d. In joules, watt-hours or multiples, the total: Cooling not separated; zero
i. electricity sold steam consumption
ii. heating sold
iii. cooling sold (d) Zero energy sold
iv. steam sold
e. Total energy consumption within the organization, in joules or multiples. (e) 17,250 MWH
f. Standards, methodologies, assumptions, and/or calculation tools used.
(f,g) Sources: US DoE “eGrid”,
g. Source of the conversion factors used
International Energy
Agency, US EPA. Procedures
align with WRI GHG Protocol,
verified by Apex Companies Letter from Kew & Glenn
(formerly known as Bureau
Veritas). Please see www.
carlyle.com/citizenship for Intro from Meg Starr
more information under
“Carbon Neutrality”
Impact Themes
GRI-302 Energy 302-3 Energy intensity The reporting organization shall report the following information: "(a) 9.66 MWH per employee
a. Energy intensity ratio for the organization of energy use. 10.66 metric
megaton (MT) of carbon
b. Organization-specific metric (the denominator) chosen to calculate the ratio
dioxide equivalent (CO2e)
c. Types of energy included in the intensity ratio; whether fuel, electricity, heating, cooling,
steam, or all per employee of GHG
d. Whether the ratio uses energy consumption within the organization, outside of it, or both emissions
GRI Disclosures
(b) Employee headcount
(c) All energy types included
(d) Energy use refers

specifically to Scope 2, while
the GHG footprint includes
all scopes"


GRI GRI Location

GRI-305 Emissions 305-1 Direct (Scope 1) The reporting organization shall report the following information: (a) Zero material
GHG emissions a. Gross direct (Scope 1) GHG emissions in metric tons of CO2 equivalent Scope 1 emissions
b. Gases included in the calculation; whether CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, or all
c. Biogenic CO2 emissions in metric tons of CO2 equivalent
d. Base year for the calculation, if applicable, including:
i. the rationale for choosing it;
ii. emissions in the base year;
iii. the context for any significant changes in emissions that triggered recalculations of base
year emissions
e. Source of the emission factors and the global warming potential (GWP) rates used, or a
reference to the GWP source
f. Consolidation approach for emissions; whether equity share, financial control,
or operational control
g. Standards, methodologies, assumptions, and/or calculation tools used
GRI-305 Emissions 305-2 Energy indirect The reporting organization shall report the following information: (a) 4,872 MT of CO2e
(Scope 2) (b) N/A
a. Gross location-based energy indirect (Scope 2) GHG emissions in metric tons of CO2
(c) All included
GHG emissions equivalent
b. If applicable, gross market-based energy indirect (Scope 2) GHG emissions in metric tons of (d) First year of GHG
CO2 equivalent accounting was 2017.
c. If available, the gases included in the calculation; whether CO2, CH4, N2O, HFCs, PFCs, SF6, Current reporting covers Letter from Kew & Glenn
NF3, or all the 2019 emissions year.
d. Base year for the calculation, if applicable, including: No methodological
i. the rationale for choosing it; changes in that time Intro from Meg Starr
ii. emissions in the base year; (e) As above, sources include
iii. the context for any significant changes in emissions that triggered recalculations of base US DoE eGrid, International
year emissions Energy Agency (IEA)
e. Source of the emission factors and the global warming potential (GWP) rates used, or a emissions factors Impact Themes
reference to the GWP source (f) Financial control
f. Consolidation approach for emissions; whether equity share, financial control, or operational (g) WRI GHG Protocol.
control Verified by Apex Companies Our Impact At Carlyle
g. Standards, methodologies, assumptions, and/or calculation tools used
GRI Disclosures


GRI GRI Location

GRI-305 Emissions 305-3 Other indirect The reporting organization shall report the following information: (a) 14,170 MT of CO2e
(Scope 3) a. Gross other indirect (Scope 3) GHG emissions in metric tons of CO2 equivalent (b) N/A
GHG emissions b. If available, the gases included in the calculation; (c) All included
whether CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, or all (d) First year of GHG
c. Biogenic CO2 emissions in metric tons of CO2 equivalent accounting was 2017.
d. Other indirect (Scope 3) GHG emissions categories and activities included in the calculation Current reporting covers
e. Base year for the calculation, if applicable, including: the 2019 emissions year. No
i. the rationale for choosing it; methodological changes in
ii. emissions in the base year; that time
iii. the context for any significant changes in emissions (e) As above, sources include US
that triggered recalculations of base year emissions DoE eGrid, International Energy
f. Source of the emission factors and the global warming potential (GWP) rates used, or a Agency (IEA) emissions factors
reference to the GWP source (f) Financial control
g. Standards, methodologies, assumptions, and/or calculation tools used (g) WRI GHG Protocol. Verified
by Apex Companies
GRI-307 Environ- 307-1 Non-compliance with The reporting organization shall report the following information: We are not aware of any Inside the Impact Review
mental environmental laws a. Significant fines and non-monetary sanctions for non-compliance with environmental laws material fines for non-
Compliance and regulations and/or regulations in terms of: compliance with environmental
i. total monetary value of significant fines; laws or regulations within Letter from Kew & Glenn
ii. total number of non-monetary sanctions; our operations.
iii. cases brought through dispute resolution mechanisms
b. If the organization has not identified any non-compliance with environmental laws and/or Intro from Meg Starr
regulations, a brief statement of this fact is sufficient
Impact Themes
GRI Disclosures


GRI GRI Location

GRI-401 Employment 401-2 Benefits provided to The reporting organization shall report the following information During calendar year 2019,
full-time employees a. Benefits which are standard for full-time employees of the organization but are not provided Carlyle generally provided the
that are not provided to temporary or part-time employees, by significant locations of operation following benefits to eligible full
to temporary or part- These include, as a minimum: and part-time employees for its
time employees i. life insurance; significant office locations in
ii. health care; Washington, DC, New York,
iii. disability and invalidity coverage; London and Hong Kong:
iv. parental leave;
v. retirement provision; • life insurance
vi. stock ownership; • health care
vii. others • disability and invalidity
b. The definition used for ‘significant locations of operation coverage
• parental leave
• retirement provision
• stock ownership (in the form
of restricted stock unit awards
to eligible employees at
certain levels)
• tuition reimbursement
• commuter allowance
• childcare backup or vouchers
• dental care insurance Letter from Kew & Glenn
Impact Themes
GRI Disclosures


GRI GRI Location

GRI-404 Training 404-2 Programs for The reporting organization shall report the following information: The Carlyle Group provides a
and upgrading employee a. Type and scope of programs implemented and assistance provided to range of programs to assist
Education skills and transition upgrade employee skills employees in upgrading their
assistance programs skills. These programs include:
b. Transition assistance programs provided to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment 1. Instructor-led Training
Delivery/Facilitation
• Full curriculum of scheduled
training with CPE credits
available – These trainings
are typically focussed on
professional and
leadership skills
• Europe Learning week:
Learning initaitives in London
and Luxembourg
• Technical Training:
Fundamental
and Advanced Excel
2. eLearning Programs from

Top Vendors - getAbstract, Letter from Kew & Glenn
LinkedIn Learning, & Blue
Ocean Brain
3. Onboarding
• L&D Overview during week 1
orientation
• Monthly Global Employee Impact Themes
Orientation sessions
4. Annual training programs: Our Impact At Carlyle

• Analyst, Associate and Senior
Associate Program
• Global VP/Associate Director
Forum
GRI Disclosures
• Finance Training Day - A day
of training specifically for those
in finance and
technology roles


GRI GRI Location

GRI-404 Training 404-3 Percentage of The reporting organization shall report the following information: Carlyle global employees
and employees receiving a. Percentage of total employees by gender and by employee category who received a regular receive an annual
Education regular performance performance and career development review during the reporting period performance and career
and career development review.
development reviews
GRI-405 Diversity 405-1 Diversity of The reporting organization shall report the following information: On page 266 in the Form 10-K
and Equal governance bodies a. Percentage of individuals within the organization’s governance bodies in each of the report https://ir.carlyle.com/
and employees following diversity categories: static-files/107d3ad6-f566-
i. Gender; 48e0-894f-6dede73c7083 the
ii. Age group: under 30 years old, 30-50 years old, over 50 years old; age of each Board member
iii. Other indicators of diversity where relevant (such as minority or vulnerable groups) is provided. Gender is not
b. Percentage of employees per employee category in each of the following diversity defined in the Form 10-K report,
categories: but it is publicly available that Inside the Impact Review
i. Gender; Lawton Fitt and Janet Hill are
ii. Age group: under 30 years old, 30-50 years old, over 50 years old; both female.
iii. Other indicators of diversity where relevant (such as minority or vulnerable groups) Letter from Kew & Glenn

GRI-417 Marketing 417-3 Incidents of The reporting organization shall report the following information: No instances of noncompliance
and non-compliance a. Total number of incidents of non-compliance with regulations and/or voluntary codes with regulations and/or
Labelling concerning marketing voluntary codes concerning
concerning marketing communications, including advertising, promotion, and sponsorship, by:
marketing activities resulting
Impact Themes
communications i. incidents of non-compliance with regulations resulting in a fine or penalty;
ii. incidents of non-compliance with regulations resulting in a warning; in fines or non-monetary
iii. incidents of non-compliance with voluntary codes sanctions from competent
b. If the organization has not identified any non-compliance with regulations and/or voluntary authorities were identified Our Impact At Carlyle
codes, a brief statement of this fact is sufficient during the reporting period.
GRI Disclosures
All content included in this Corporate Citizenship Investors should also review The Carlyle Group’s The Carlyle Group expressly disclaims any Any such offer or solicitation shall only be made
Report, such as graphics, logos, articles and annual, quarterly and other reports filed with the obligation or undertaking to update or revise any pursuant to a final confidential private placement
other materials, is the property of The Carlyle Securities and Exchange Commission (SEC). Certain such forward-looking statements. References to memorandum (as amended and/or restated from
Group or others noted herein and is protected by of the information contained in this Corporate portfolio companies are intended to illustrate the time to time) and the applicable fund’s subscription
copyright and other laws. All trademarks and logos Citizenship Report represents or is based upon application of Carlyle’s investment process only documents, which will be furnished to qualified
displayed in this Corporate Citizenship Report are forward-looking statements or information. and should not be viewed as a recommendation investors on a confidential basis at their request
the property of their respective owners, who may Forward-looking statements are inherently of any particular security or portfolio company. for their consideration in connection with such
or may not be affiliated with our organization. uncertain, and changing factors, such as those The information provided about these portfolio offering. Please see Carlyle’s public filings for
Any person receiving this Corporate Citizenship affecting the markets generally, or those affecting companies is intended to be illustrative, and is the definition of “carry funds” and “Assets under
Report is permitted to copy and print individual particular industries or issuers, may cause events not intended to be used as an indication of the Management” or “AUM.” Please note that certain
pages for informational, non-commercial use. These or results to differ from those discussed. Therefore, current or future performance of Carlyle’s portfolio energy funds described herein are jointly advised
copies must not alter the original report’s content, undue reliance should not be placed on such companies. The investments described in the with Riverstone Holdings LLC and its affiliates.
including all legal notices and legends. There statements or the conclusions drawn therefrom, selected case studies were not made by any single Carlyle does not serve as an adviser to any of
can be no assurances that Carlyle’s investment which in no event shall be construed as a guarantee fund or other product and do not represent all of the NGP Energy Capital Management investment
objectives will be achieved or that our investment of future performance, results or courses of action. the investments purchased or sold by any fund or funds. None of the employee metrics included
programs will be successful. PAST PERFORMANCE The Carlyle Group believes these factors include, other product. The information provided herein herein includes the employees of Riverstone or NGP.
IS NO GUARANTEE OF FUTURE RESULTS. Investors but are not limited to, those described under “Risk is for informational purposes only and is not and For purposes of the non-financial operating and
should read this Corporate Citizenship Report Factors” in Carlyle’s Annual Report on Form 10-K for may not be relied on in any manner as advice or statistical data included herein, foreign currencies
in conjunction with investment fund quarterly the year ended December 31, 2019, filed with the as an offer to sell or a solicitation of an offer to buy have been converted to US dollars at the spot rate
reports, financial statements and other disclosures SEC, as such factors may be updated from time to interests in any fund or other product sponsored or as of the last trading day of the reporting period
regarding the valuations and performance of the time in its periodic filings, which are accessible on managed by Carlyle or any of its affiliates. when presenting period end balances, and the
specific investments listed herein. the SEC’s website at www.sec.gov. average rate for the period has been utilized when
presenting activity during such period.

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2 0 2 0 I M PAC T R E V I E W

Inside the Impact Review

Building Letter from Kew & Glenn

Intro from Meg Starr

Better Impact Themes

Our Impact At Carlyle

Businesses GRI Disclosures

Kewsong Lee and Glenn Youngkin

Drivers of Better Business COVID-19 Response Climate Resilience Stronger Communities

72 O U R I M PAC T AT C A R LY L E Intro from Meg Starr

What We’re Doing Impact Themes

Our Impact At Carlyle

Global Reporting Initiative Disclosures GRI Disclosures

While we’ve been at this for over a decade, never

The 2020 Impact Review focuses on the core

Responsible Investment in 2008, published the first private

BY Inside the Impact Review

Meg Starr The 2020 Impact Review focuses on two

Our Impact At Carlyle

Letter from Kew & Glenn

Intro from Meg Starr

Our Impact At Carlyle

ARIZONA: Walbro – CJP II – CALIFORNIA: One Medical – CP VII –

Veritas is helping assure the continued,

CHINA: Adicon – CAP V – CHINA: Luolai – CAP V –

CHINA: OneSmart Education – CAP IV INDIA: Delhivery – CAP IV –

INDIA: SBI Life Insurance – CAP IV ITALY: IRCA – CEP IV –

NEW JERSEY: Ortho Clinical Diagnostics – CP VI – NORTH CAROLINA CommScope – CP VII –

NORTH CAROLINA: PPD – CP VI – PNB Housing Finance – CAP IV –

SPAIN: Cordorníu – CEP IV – SOUTH CAROLINA: Novolex – CP VI –

CUPA donated 2,400 protective masks to two local

UGANDA: ABACUS HEALTHCARE – CSSAF – UK: Akari Care – CSP IV –

UK: PA Consulting – CEP IV – Letter from Kew & Glenn

Diverse “Teams with diverse perspectives, knowledge bases,

Intro from Meg Starr

Our Impact At Carlyle

Diversity is a central priority for many

Inside the Impact Review

Our Impact At Carlyle

The effectiveness of the technology is core

Intro from Meg Starr

Our Impact At Carlyle

Diversity is core to PPD’s business

Letter from Kew & Glenn

Intro from Meg Starr

Our Impact At Carlyle

After attending the Carlyle-sponsored Veterans

Inside the Impact Review

Intro from Meg Starr

Our Impact At Carlyle

The health and wellbeing of employees

Veritas Technologies LLC, an

core focus. Better healthcare seems as Intro from Meg Starr

Employee engagement is crucial to the

You Build the Team &

Letter from Kew & Glenn

Intro from Meg Starr

A fireside chat with Chris Smith, CEO of

Chris leads Ortho Clinical Diagnostics, a leading

As Chief Performance Officer of Carlyle’s

You Build the company leadership conferences to bring

CHRIS At the end of the day a leader builds a team,

M I N DY There is a term in the market called a